This chart is showing something most investors aren't paying attention to

We're looking at the S&P 500 adjusted for M2 money supply

It's revealing how the market performs relative to the expansion of money

And the historical parallels are pretty wild:

2000: Dot-com bubble top

2007: Subprime bubble top

2026: AI bubble approaching the same territory

Two of the biggest market bubbles peaked in this distribution zone

Now we're back there again

The difference? This time, the AI boom is driving expectations to extreme levels

I'm not saying history has to repeat itself

But when the same long-term resistance keeps showing up across different market cycles, ignoring it is a mistake.

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