The stock market's complicated evolving relationship with valuations 📈

Plus a charted review of the macro crosscurrents 🔀

The forward P/E is above its long-term averages. (Source: FactSet)

Stocks climbed last week with the S&P 500 rising 0.7% to close at 4,536.34. The index is now up 18.1% year to date, up 26.8% from its October 12 closing low of 3,577.03, and down 5.4% from its January 3, 2022 record closing high of 4,796.56.

In the stock market, do valuation metrics like p…