The S&P 500 is experiencing historically high valuation levels, with its CAPE ratio reaching the highest point in over two years and ranking as the third most expensive since the 19th century. Currently, the S&P 500 is valued at 35 times the average of the past decade's earnings, adjusted for inflation, surpassing even the peak valuations of 1929. This elevated valuation level is also reflected in the forward 12-month P/E ratio of 21.0, which is above both the 5-year average of 19.4 and the 10-year average of 17.9. The trailing 12-month P/E ratio stands at 25.9, similarly above its 5-year and 10-year averages. Analysts from BCA suggest that the S&P 500 may have already reached its high, and comparisons with corporate bonds indicate that current market offers are unattractive.