While the S&P 500 hasn’t quite taken out its May 2015 all-time high (it needs about 2% more of gains), the index’s trailing 12-month P/E ratio is set to make a new six-year high if market gains hold today. ¬†Below is a chart showing this valuation metric over the last five years:

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If you’re looking for a longer-term perspective of the S&P’s trailing P/E, below is a chart going back 20 years:

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