Yes, the current SP500 P/E of Forward earnings is approx 22, which has been a ceiling for most rallies.
The Equity Risk Premium (ERP) has just gone negative versus the 10 year yield, which means that the stock market earnings' growth is less that the 10 year interest grate, and equity is supposed to be riskier than the 10 year treasury.
This is due to the sudden rise in interest rates against very little adjustment in the future earnings or in the index price.
Volatility (VIX) index, is low again, which is a sign of lack of expectation of a sell off
The sentiment bullish index of AAII bulls + II Bulls + MarketVane Bulls + NAAIM percent invested is in the 90 percent range of historically scaled results. . .the highest 90%+ was in July, and currently we are in the 80%s, with the decline mostly in AAII, not in the other three professional sentiment rankings. . still very high or greed phase.
So one valuation indicator and two sentiment indicators are all in the GREED / PERFECTION range, and momentum has yet to change. .
So currently I am all in BIL as of Monday until the market corrects and gives a buying opportunity.
YMMV
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