Investors are strapped for cash as levels hit record lows. Certainly gives us a sense that the market was more vulnerable to any risk-off catalyst coming into this year

The trailing 12-month P/E ratio for SPX of 28.6 is above the 5-year average (24.9) and above the 10-year average (23.0)

The forward 12-month P/E ratio for SPX is 22.2, which is above the 5-year average (20.0) and above the 10-year average (18.7)

The earnings growth rate for the S&P 500 for Q4 increased to 11.9% from 8.2% during the past week, led by the Industrials and Information Technology sectors

In each of the last four bear markets (2018, 2020, 2022, 2025), investors ran for the exits, selling in fear