Every quarter, JP Morgan Funds' David Kelly puts out his 'Guide to the Markets'. And in each presentation, Kelly includes a chart on S&P 500 inflection points.
It maps the trajectory of the S&P 500 through two booms and two crashes. And in recent quarters, the message was that valuations were more reasonable during the current bull run relative to the last two peaks.
But with valuations getting richer, investors can't help but wonder if the next major inflection point is around the corner.
JPMorgan Asset Management