The Shiller Cyclically-Adjusted P/E now shows an [S&P] overvaluation of close to 40%, a significant jump over the past few months. Sectors that are most overvalued are Financials, Materials, Industrials, while Staples, Tech and Health Care offer the most value.
Bill: Current CAPE10 value = 23.69. Long term average =~ 16.34. Overval = 43%
Some folks say Shiller overstates overvaluation. Eg