Correlation between S&P 500 and XJO

From our new expert daytrader in the XAO thread who stated,

I thought I would actually put some numbers behind this statement as it comes up all too often. That we mirror the States.

Taking the straight close on close figures from both the S&P 500 and the XJO in percentages. I have graphed each days move of XJO with the previous days S&P 500 as a percentage.

Out of 63 days from the start of March there has been 14 occourances where the XJO finished in the opposite direction to the S&P 500 (22%).

The statistical correlation is 0.54. Certainly a correlation but a long way away from 1 to 1 moves. A visual scan of the graph shows the big yawn the Aussie market gives to large moves on the S&P 500.