This is the messiest chart you will see all day. A lot of Fibonacci extensions to the downside and upside on the SPY. However, this chart factors in the M2 money supply created by the FED. This demonstrates that although still significantly above the pre-covid SPY high, the FED has printed enough money to make the peak of December 2021 = the peak of December 2019. I think it's interesting and will only become more so if the FED tries to effectively decrease their balance sheet.