Using Excel, perform exponential smoothing to the Standard and Poor's/Toronto Stock Exchange Composite Index time series using an exponential smoothing constant w = 0.8 and w = 0.2. What do you observe? Comment on the results.

Toronto Stock Exchange Statistics	Standard and Poor's/Toronto Stock Exchange Composite Index	Standard and Poor's/Toronto Stock Exchange 60 Index
Reference period
		Index
Jan-98	6,700.20	381.23
Feb-98	7,092.49	406.82
Mar-98	7,558.50	435.32
Apr-98	7,664.99	440.34
May-98	7,589.78	441.02
Jun-98	7,366.89	427.01
Jul-98	6,931.43	400.51
Aug-98	5,530.71	318.75
Sep-98	5,614.12	321.55
Oct-98	6,208.28	359.99
Nov-98	6,343.87	369.21
Dec-98	6,485.94	375.98
Jan-99	6,729.56	396.87
Feb-99	6,312.69	368.25
Mar-99	6,597.79	384.98
Apr-99	7,014.70	410.85
May-99	6,841.80	400.07
Jun-99	7,010.07	411.04
Jul-99	7,081.03	415.1
Aug-99	6,970.81	407.32
Sep-99	6,957.72	408.54
Oct-99	7,256.22	433.85
Nov-99	7,523.23	447.29
Dec-99	8,413.75	495.86
Jan-00	8,481.11	498.59
Feb-00	9,128.99	519.93
Mar-00	9,462.39	568.89
Apr-00	9,347.61	559.86
May-00	9,251.99	556.35
Jun-00	10,195.45	617.91
Jul-00	10,406.31	638.35
Aug-00	11,247.91	687.08
Sep-00	10,377.92	618.28
Oct-00	9,639.57	569.28
Nov-00	8,819.92	525.33
Dec-00	8,933.68	528.72
Jan/2001	9,321.87	554.84
Feb/2001	8,078.72	472.6
Mar/2001	7,608.00	443.04
Apr/2001	7,946.63	459
May/2001	8,161.87	471.09
Jun/2001	7,736.35	444.84
Jul/2001	7,689.69	445.15
Aug/2001	7,399.22	430.33
Sep/2001	6,838.56	398.2
Oct/2001	6,885.70	397.55
Nov/2001	7,425.65	431.78
Dec/2001	7,688.41	442.55
Jan/2002	7,648.49	438.92
Feb/2002	7,637.50	436.48
Mar/2002	7,851.47	446.74
Apr/2002	7,663.39	434.04
May/2002	7,656.13	429.17
Jun/2002	7,145.61	401.2
Jul/2002	6,605.42	371.06
Aug/2002	6,611.95	371.8
Sep/2002	6,180.42	345.06
Oct/2002	6,248.79	351.36
Nov/2002	6,570.42	372.63
Dec/2002	6,614.54	373.15
Jan/2003	6,569.49	370.48
Feb/2003	6,555.12	371.97
Mar/2003	6,343.29	361.23
Apr/2003	6,586.07	373.94
May/2003	6,859.80	388.11
Jun/2003	6,983.14	394.63
Jul/2003	7,257.92	409.03
Aug/2003	7,510.32	423.28
Sep/2003	7,421.13	416.58
Oct/2003	7,772.70	436.2
Nov/2003	7,859.39	438.25
Dec/2003	8,220.89	458.72
Jan/2004	8,521.39	476.64
Feb/2004	8,788.49	490.59
Mar/2004	8,585.93	475.59
Apr/2004	8,243.97	455.87
May/2004	8,417.32	463.61
Jun/2004	8,545.58	472.78
Jul/2004	8,458.07	469.34
Aug/2004	8,377.03	465.48
Sep/2004	8,668.29	482.19
Oct/2004	8,870.97	496.37
Nov/2004	9,030.05	501.18
Dec/2004	9,246.65	511.91
Jan/2005	9,204.05	506.75
Feb/2005	9,668.32	532.08
Mar/2005	9,612.38	533.87
Apr/2005	9,369.30	522.02
May/2005	9,607.30	536.89
Jun/2005	9,902.77	555.06
Jul/2005	10,422.93	585.02
Aug/2005	10,668.94	600.4
Sep/2005	11,011.83	620.04
Oct/2005	10,383.32	585.55
Nov/2005	10,824.14	611.09
Dec/2005	11,272.26	634.72
Jan/2006	11,945.64	672.69
Feb/2006	11,688.34	659.27
Mar/2006	12,110.61	682.54
Apr/2006	12,204.17	685.33
May/2006	11,744.52	657.38
Jun/2006	11,612.87	653.46
Jul/2006	11,830.96	667.43
Aug/2006	12,073.75	682.21
Sep/2006	11,761.27	673.16
Oct/2006	12,344.59	703.41
Nov/2006	12,752.38	732.35
Dec/2006	12,908.39	742.77
Jan/2007	13,034.12	747.47
Feb/2007	13,045.02	743.77
Mar/2007	13,165.50	752.45
Apr/2007	13,416.68	765.35
May/2007	14,056.78	804.47
Jun/2007	13,906.57	799.7
Jul/2007	13,868.63	799.42
Aug/2007	13,660.48	793.37
Sep/2007	14,098.89	817.39
Oct/2007	14,625.00	848.82
Nov/2007	13,689.12	798.5
Dec/2007	13,833.06	808.53
Jan/2008	13,155.10	772.56
Feb/2008	13,582.69	795.23
Mar/2008	13,350.13	783.44
Apr/2008	13,937.04	825.91
May/2008	14,714.73	878.42
Jun/2008	14,467.03	863.19
Jul/2008	13,592.91	811.73
Aug/2008	13,771.25	821.69
Sep/2008	11,752.90	707.34
Oct/2008	9,762.76	591.28
Nov/2008	9,270.62	563.09
Dec/2008	8,987.70	541.82
Jan/2009	8,694.90	523.28
Feb/2009	8,123.02	489.56
Mar/2009	8,720.39	528.68
Apr/2009	9,324.83	565.38
May/2009	10,370.07	632.47
Jun/2009	10,374.91	630.06
Jul/2009	10,787.15	654.56
Aug/2009	10,868.21	652.78
Sep/2009	11,394.96	680.75
Oct/2009	10,910.75	647.72
Nov/2009	11,447.20	680.26
Dec/2009	11,746.11	693.23
Jan/2010	11,094.31	648.53
Feb/2010	11,629.63	680.76
Mar/2010	12,037.73	706.81
Apr/2010	12,210.70	716.05
May/2010	11,762.99	691.63
Jun/2010	11,294.42	662.05
Jul/2010	11,713.43	685.03
Aug/2010	11,913.86	694.05
Sep/2010	12,368.65	715.07
Oct/2010	12,676.24	728.09
Nov/2010	12,952.88	741.34
Dec/2010	13,443.22	768.65
Jan/2011	13,551.99	778.65
Feb/2011	14,136.50	813.29
Mar/2011	14,116.10	810.86
Apr/2011	13,944.79	797.9
May/2011	13,802.88	789.12
Jun/2011	13,300.87	763.9
Jul/2011	12,945.63	733.3
Aug/2011	12,768.70	728.2
Sep/2011	11,623.84	667.08
Oct/2011	12,252.06	698.04
Nov/2011	12,204.11	695.49
Dec/2011	11,955.09	680.87
Jan/2012	12,452.15	709.18
Feb/2012	12,644.01	718.86
Mar/2012	12,392.18	706.96
Apr/2012	12,292.69	699.79
May/2012	11,513.21	656.5
Jun/2012	11,596.56	663.62
Jul/2012	11,664.71	665.46
Aug/2012	11,949.26	683.47
Sep/2012	12,317.46	702.87
Oct/2012	12,422.91	711.58
Nov/2012	12,239.36	702.59
Dec/2012	12,433.53	713.72
Jan/2013	12,685.24	727.76
Feb/2013	12,821.83	738.55
Mar/2013	12,749.90	731.34
Apr/2013	12,456.50	710.71
May/2013	12,650.42	726.27
Jun/2013	12,129.11	695.52
Jul/2013	12,486.64	714.68
Aug/2013	12,653.90	727.13
Sep/2013	12,787.20	732.89
Oct/2013	13,361.26	767.47
Nov/2013	13,395.40	771.86
Dec/2013	13,621.55	783.75
Jan/2014	13,694.94	785.53
Feb/2014	14,209.59	813.25
Mar/2014	14,335.31	820.51
Apr/2014	14,651.87	837.58
May/2014	14,604.16	836.6
Jun/2014	15,146.01	866.04
Jul/2014	15,330.74	884.33
Aug/2014	15,625.73	898.26
Sep/2014	14,960.51	864.24
Oct/2014	14,613.32	849.5
Nov/2014	14,744.70	863.04
Dec/2014	14,632.44	854.85
Jan/2015	14,673.48	857.34
Feb/2015	15,234.34	890.4
Mar/2015	14,902.44	869.28
Apr/2015	15,224.52	886.56
May/2015	15,014.09	875.04
Jun/2015	14,553.33	847.78
Jul/2015	14,468.44	853.4
Aug/2015	13,859.12	815.45
Sep/2015	13,306.96	784.51
Oct/2015	13,529.17	794.49
Nov/2015	13,469.83	791.8
Dec/2015	13,009.95	764.54
Jan/2016	12,822.13	754.85
Feb/2016	12,860.35	755.27
Mar/2016	13,494.36	790.93
Apr/2016	13,951.45	815.46
May/2016	14,065.78	821.06
Jun/2016	14,064.54	817.65
Jul/2016	14,582.74	847.4
Aug/2016	14,597.95	851.38
Sep/2016	14,725.86	858.47
Oct/2016	14,787.27	868.38
Nov/2016	15,082.85	888.3
Dec/2016	15,287.59	900.05
Jan/2017	15,385.96	909.19
Feb/2017	15,399.24	907.57
Mar/2017	15,547.75	915.58
Apr/2017	15,586.13	918.9
May/2017	15,349.91	906.38
Jun/2017	15,182.19	892.65
Jul/2017	15,143.87	891.19
Aug/2017	15,211.87	892.56
Sep/2017	15,634.94	921.79
Oct/2017	16,025.59	947.17
Nov/2017	16,067.48	952.04
Dec/2017	16,209.13	959.69
Jan/2018	15,951.67	944.41
Feb/2018	15,442.68	913.9
Mar/2018	15,367.29	908.99
Apr/2018	15,607.88	921.43
May/2018	16,061.50	950.45
Jun/2018	16,277.73	965.32
Jul/2018	16,434.01	979.38
Aug/2018	16,262.88	965.73
Sep/2018	16,073.14	952.28
Oct/2018	15,027.28	895.08
Nov/2018	15,197.82	913.29
Dec/2018	14,322.86	859.32
Jan/2019	15,540.60	929.25
Feb/2019	15,999.01	953.91
Mar/2019	16,102.09	959.5
Apr/2019	16,580.73	994.53
May/2019	16,037.49	961.89
Jun/2019	16,382.20	979.6
Jul/2019	16,406.56	979.73
Aug/2019	16,442.07	982.45
Sep/2019	16,658.63	997.93
Oct/2019	16,483.16	986.33
Nov/2019	17,040.20	1,018.62
Dec/2019	17,063.43	1,014.92
Jan/2020	17,318.49	1,032.97
Feb/2020	16,263.05	972.15
Mar/2020	13,378.75	819.89
Apr/2020	14,780.74	891.63
May/2020	15,192.83	917.17
Jun/2020	15,515.22	934.21
Jul/2020	16,169.20	968.67
Aug/2020	16,514.44	990.52
Sep/2020	16,121.38	967.27
Oct/2020	15,580.64	928.9
Nov/2020	17,190.25	1,023.52
Dec/2020	17,433.36	1,034.76
Jan/2021	17,337.02	1,026.60
Feb/2021	18,060.26	1,073.42
Mar/2021	18,700.67	1,117.15
Apr/2021	19,108.33	1,138.85
May/2021	19,730.99	1,180.14
Jun/2021	20,165.58	1,209.15
Jul/2021	20,287.80	1,216.15
Aug/2021	20,582.94	1,231.33
Sep/2021	20,070.25	1,203.34
Oct/2021	21,037.07	1,265.19
Nov/2021	20,659.99	1,248.56
Dec/2021	21,222.84	1,286.86
Jan/2022	21,098.29	1,281.96
Feb/2022	21,126.36	1,278.42
Mar/2022	21,890.16	1,322.67
Apr/2022	20,762.00	1,255.54
May/2022	20,729.34	1,254.79
Jun/2022	18,861.36	1,146.43
Jul/2022	19,692.92	1,187.97