CAPE has consistently called markets over-valued since around then end of 2009.

CAPE fails to realize that GAAP earnings definitions changed to include non-cash mark to market losses  which  vastly distorted down the 2008 and 2009 earnings.

CAPE will plunge when 2008 falls out of the range at the end of 2018.

Nevertheless, The S&P 500 is 25 times trailing ONE year earnings and is expensive even considering the low interest rates.