The current real price of the S&P500 is 2031.92, an all-time high in the nominal sense.
This level is just 0.7% off the all-time inflation-adjusted high, which was 2046.21 and occurred in August 2000.
Valuation is rich at 26.61 for the Shiller p/e, but well-off the December 1999 peak of 44.19. However, the market crash of 2008-09 was preceded by the Shiller p/e peaking at 27.55 during 2007.
The Shiller p/e has been in a never-never land of high valuation above 26 for extended periods since October 1996, coinciding with the famous onset of "irrational exuberance". You have to go back before that all the way to 1929 to find valuation at 27 and above.
