There are many approaches to intermarket analysis like mechanical, rule based (while not mechanical via a different angle).
Critics of intermarket analysis refute statistical methods and use only price indicators for fundamental analysis.
Thus, your intermarket work looks for times that these underlying relationships are moving opposite to the market you are trading.
Although, the intermarket relationships does decouple at times, it does not mean that it is not valid or reliable.
For example, neural networks may be used to help identify intermarket relationships.
Supporters of intermarket analysis state that it can be done by applying the statistical methods like correlation.
As with any other spread trade, an intermarket spread attempts to profit from the widening or narrowing of the gap between the two contract prices.
Trading, automated trading systems, risk management, intermarket analysis, behavioral finance, market history and ethics are also featured in the course of study.