$SPX 52 week highs only 4% today vs 33% in January. Other divergences like this led to periods of weakness.
Chart (@TheTerminal): Emerging/developed markets volatility divergence –
Don’t count on strong future #StockMarket returns when buying at high P/E levels. The $SPX 5-yr normalized #PEratio now in 10th decile. This has typically supplied a 3-yr median TR of +1.3% and 10-yr median TR of +2.9%. $SPY $SDS $SH $IVV $VOO $DJIA $DIA $IYY