CHART OF THE DAY: The Stock Market Pattern That Keeps Investors Up At Night

The stock market will keep going up until it goes down. Investors have learned this lesson the hard way at least twice in the last 15 years.

In his latest quarterly presentation, JP Morgan Funds' David Kelly includes this chart of S&P 500 "inflection points."

As you can see in the table, stocks are much cheaper today than they were during the previous peak.

Then again, the exact same thing could be said about the previous peak.