One Huge Reason The Stock Market Isn't Cheap

This is one way of measuring the S&P 500 we haven't thought of before.

From Naufal Sanaullah's latest market overview, this chart from TheChartStore.com shows (obviously) how many hours you have to work to buy the S&P. While obviously this measure has improved compared to recent peaks, it's still WELL above historical standards. Some combination of a falling market or more robust wages is needed to get the number back into line.