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This aged well. I found your stack parsing through various threads relating to taking M2SL into account, specifically SPX/M2SL. The insight this chart provides is pretty astounding, you can almost see the levels the fed tends to defend, and trend lines/channels used on this chart seem to also show levels we will have a hard time surpassing going forward, at least before the next revolutionary discovery (materials/quantum?), especially with declining populations. Thanks for the info!

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Thanks for the note! This truly is an all-time classic metric : )

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