What does this absolute return distribution chart show?

I was reading some pages in Professional Automated Trading by Eugene Durenard when I came across this chart:

The caption says: "S&P Absolute Return Distribution: Log-Log Scale".

The brief description in the text says:

[The] log-log scale shows the fat tails and a power-law fit of the absolute returns of the S&P index sampled at time scales from ticks to years.

The lack of a label on the y-axis, and the lack of units of both axes makes it difficult for me to understand the plot. I am also unsure what "absolute normalized move" means.

Could you explain what the chart is saying? What am I looking at?

1. sort the absolute normalized returns from low (0.0) to high ($$31\approx 10^{1. 5...}$$) and present the numbers in base 10.
I have added a chart for comparison with a standard normal and a standardized student-$$t$$ distribution with 5 degrees of freedom below.
Nota bene: I forgot to add axis labels as well. The vertical axis is (de-)cumulative frequency ($$k/N$$ , not $$k$$). The horizontal axis is standardised return, e.g. standardised by (potentially time varying) standard deviation or such. I will add this to my answer as well.
• Vertical axis is (de-)cumulative frequency ($k/N$ , not $k$). The horizontal axis is standardised return, e.g. standardised by (potentially time varying) standard deviation or such. I will add this to my answer as well. – Kermittfrog Dec 8 '20 at 8:31