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I tried to reproduce a variation of that chart do not get similar results.
In the attached picture, the top subgraph contains the values of:
> S&P 500 Index (Green)
> Seasonally Adjusted M2 (Yellow)
> Non-Adjusted M2 (Cyan)
The 2nd subgraph shows a smoothed 8-week rate of change of the stock index (Green).
The 3rd subgraph shows the smoothed 8-week rate of change of the Seasonally Adjusted M2 (Yellow).
The 4rd subgraph shows the smoothed 8-week rate of change of the Non-Adjusted M2 (Cyan).
The cyan curve looks the closest to your picture but not quite the same. I wonder why.
This suggests that they were using the non-adjusted series. I wonder why.
Bob Fulks
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