SPX: Current price/revenue is the highest ever, while margins are also the highest ever. A mean reversion (or even halfway to mean reversion) in either one spells trouble.

$STUDY $SPX Compare: current price/revenue is the highest ever, while margins are also the highest ever. A mean reversion (or even halfway to mean reversion) in either one spells trouble. No recession necessary. H/T @yardeni for charts, @hussmanjp for the idea.