Here are the results since the topping of the last cyclical bull, with SPX valuations recently surging up to lofty nosebleed levels. Contrary to Wall Street’s endless claims that the stock markets aren’t expensive today, prevailing valuations are actually way up at dangerous bull-slaying levels. The SPX and therefore US stock markets are trading at topping valuations today, which is a super-bearish omen going forward.

While I’m eager to see November’s valuation data, this month isn’t quite over yet. So our latest SPX valuation data is from the end of October. And that proved pretty ominous, with the market-capitalization-weighted-average price-to-earnings ratio of all 500 SPX component stocks rocketing 17.5% higher on a monthly basis to 25.5x earnings! These elite companies’ simple-average P/E ratio was right in line at 25.6x.