A high P/E is not a stock market sell signal ⚠️

Plus a charted review of the macro crosscurrents 🔀

The S&P 500 looks expensive.But that doesn’t mean prices are more likely to fall. (Source: FactSet)

📉The stock market fell, with the S&P 500 shedding 0.6% to end the week at 6,051.09. The index is now up 26.9% year to date and up 69.2% from its October 12, 2022 closing low of 3,577.03.

-

Valuation metrics like the price-to-earnings (P/E) ratio help us und…