S&P500 Adjusted for Fed Repo Stock Purchases

Since the US Treasury Bond yield curve inversion in late August 2019, the Fed has been pumping the stock market by allowing corporations to purchase their stocks on behalf of the Fed.
markets.businessinsider.com/news/stocks/yield-curve-inversion-explained-what-it-is-what-it-means-2019-8-1028482016
investopedia.com/terms/r/repurchaseagreement.asp

This stock buying was escalated again on Black Monday (March 9, 2020), pumping the market up further.
capital.com/stock-market-crash-2020

This adjusted S&P500 chart shows an approximation of its real value, adjusted for this expansion of the US Fed Balance Sheet.