According to @charliebilello, the S&P 500 P/E ratio has risen to 26, which is 31% above the 1989-onward average of 19.8, marking a third consecutive year of multiple expansion; the figure uses trailing 12‑month operating EPS with Q4 EPS estimated. Source: @charliebilello on X https://twitter.com/charliebilello/status/1996982319110914402 For trading, the reliance on estimated Q4 operating EPS puts focus on upcoming earnings updates and revisions that could shift the index’s multiple trajectory. Source: @charliebilello on X https://twitter.com/charliebilello/status/1996982319110914402 Crypto angle: shifts in US equity risk appetite can spill over to digital assets, and research shows BTC and stocks have exhibited higher correlation since 2020, heightening cross-asset sensitivity. Source: International Monetary Fund, Crypto Prices Move More in Sync with Stocks, Jan 2022 https://www.imf.org/en/Blogs/Articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks