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I was wondering if anyone has experimented with correlation studies of a stock relative to an index on a day when the index is up and when the index is down. Since I trade mostly Nasdaq stocks I'm trying to put together an indicator that shows the correlation of a stock when the Nasdaq is up and when the Nasdaq is down. I'm having quite a bit of trouble since I haven't really used the IIF function and I'm not sure if I need to create composites. I put this together so far but it is way off base (I'm afraid it's too simplistic!) - what happens is both studies are the complete inverse of each other.
x=Foreign("!comp","Close");
Nasup = x >= Ref(x,-1);
Nasdown = x < Ref(x,-1);
IIf(x> Ref(x,-1),Nasup,Nasdown);
y= Correlation(Nasup,C,100);
z=Correlation(Nasdown,C,100);
Plot(y,"Nasdaq Up Correl",3,1,1,1);
Plot(z,"Nasdaq Down Correl",4,1,1,1);
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