The chart, tracking the weekly performance of the S&P 500 and its 200-day moving average, highlights a consistent rising uptrend line that has provided a general floor for the market over the years.

S&P 500 2025 earnings John Butters at FactSet The current P/E multiple of 19.6x is just below the 5-year average of 19.9x but above the 10-year average of 18.3x.