S&P 500 P/E ratio indicates that the market is reaching a top

P/E ratio is 2% above 20-week average and almost 3% above 50-week average. It has topped out around 2.5% and 4.0% above the 20-week and 50-week average respectively. These levels equate to a P/E ratio around 20 and the S&P 500 at 2,119.