What happened after the last time the S&P 500's forward P/E was this high 🤔

Plus a charted review of the macro crosscurrents 🔀

📈The stock market rallied to all-time highs, with the S&P 500 setting an intraday high of 6,920.34 on Wednesday and a closing high of 6,890.89 on Tuesday. The index is now up 16.3% year-to-date. For more on recent market moves, read: The stock market and the economy are diverging 📊

-

It’s not hard to argue that stock market valuations are high.

According…