Some S&P 500 valuation charts... TLDR; SPX valuations aren't as crazy as they look at first glance Big diff between market cap weighted and equal weight valuations (forward P/E). Ratio close to highest in this data. EW valuations are right around medians (compared to itself)

Disty of forward P/Es for SPX members paints a moderate picture. 285 trade below 20x. 185 trade below 15x. Big right skew here.