The Yellow line is the over valuation level. Hence, markets are not overvalued here, but the upside is limited unless rates fall further down.
Interesting to see that the buying occurred across all equities, including the small and the largest caps.
The NHNL indicator however displays a little weakness here.
Conclusions:
On a valuation stand point, there is zero upside here, except if rates continue to weaken, but in the link below, there is more information about future hikes announced by the Fed yesterday.
https://wolfstreet.com/2022/11/30/th...ion-crackdown/
