SPY x Fed Funds Rate / M2 Money Supply Short

SPY*FEDFUNDS/M2SLArca

Description

⋅ Feb 22, 2023 8:20 PM

Here's SPY x Fed Funds Rate / M2 Money Supply.
The only times this metric was this high was in 2000 and 2007 when stock market was in Bubble status.
Looks like SPY is overvalued.

What do you think?