I'm curious. Over here we'd say "The stock market is headed south", but I can't find that sense in Chambers. Is south really not used that way in the civilized world- or rather the civilised one?
Yes, that's all it means, but it's very common here; e.g., a southbound trend in hedge funds.
We certainly are conditioned to think of the north pole as being on top; it affects our vision of the whole solar system...and beyond...