3 in October 2026, the second-lowest reading since the University of Michigan began collecting data in 1952.
3 in April 2021, then fell sharply to 50 by June 2022.
First, the S&P 500 has generally declined over the one-year and two-year periods after a monthly CAPE ratio of at least 40.
The S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) have advanced 14% and 18%, respectively.