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Regression to Trend: S&P Composite 211% Above Trend in July
Published on August 7, 2026
The inflation-adjusted S&P Composite Index was 211% above its long-term trend at the end of July.
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The Big Four Recession Indicators
August 7, 2026
Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process.
Crestmont P/E and Market Valuation: July 2026
August 8, 2026
Based on July's S&P 500 average of daily closes, the Crestmont P/E of 43.8 is 184% above its arithmetic mean, 212% above its geometric mean, and is in the 100th percentile of this 14-plus-decade series.