S&P 500 and Combination of Forward PE, VIX, Bullish Sentiment

The Euphoriameter, a composite of forward P/E, the VIX, and bullish sentiment, has cooled from a year ago but is still sitting close to the top of its historical range, flashing an early warning for the market cycle.

Image: Topdown Charts

S&P 500 and Combination of Forward PE, VIX, Bullish Sentiment