Looking at forward P/E (PEG) and TTM P/E this market is starting the year in the top 8% of all years since WWII. However, when the valuation was high in previous years it did not correct itself with a big whoosh down, it was more like sideways with a gradual advance. The rising attractiveness of bonds could create a less bullish outcome as compared to previous periods.
SPX Indicator:
Bullish Day, Week and Month
QQQ Indicator:
Bullish Week and Month
Bearish Day
