SPX M2 chart

We've been stuck at 50% real valuation of '00 crash for 23 years.

2007, 07, 18, 20 and 22 crash all caped by the same level.

Big questions is, up or down?

For now down. 3M rejection and currently retesting until Jan.

But if we break the ATH on the nominal SPX chart will be running hard!

There you will have your blow of top. Not sure if project zimbabwe style or just another cycle.