No. CAPE is only illustrative of relative market valuations over very long timeframes and only if you ignore interest rates.

I suspect (can almost guarantee) that it has zero value if you care about what happens in the markets or to your investments over the next day, week, month, year or even five years. 

If those shorter timeframes are important to you, then CAPE is likey to be no more use to you than backckground noise. 

If you're buying an index fund (ETF) and plan t holdit for the next 20 years, then CAPE might be something you could (not sold but could) watch. Otherwise it is only (to me) a very broad and not very meaningful statistical analysis to say whether the market today is over the very long term likey to end up being cheap or expensive.