If you look at the long, secular market trends and behavior, as the true technical analysts do, you would be surprised at how little has changed and how the larger, secular patterns repeat themselves, especially in relation to well-established valuation levels with historic mean P/E of 14 for the overall market.
The only thing that has changed over the past 10 years is that we have had an historic bubble that drove the market to valuation levels that have never been seen before. It is precisely because of this that I believe, in the very long run (over the remainder of the decade) all of the indices will trend toward lower levels to correct this excess. I would strongly recommend reading Dr. John Hussman's weekly discussions regarding valuations, expectations for investment returns, and his reasoning regarding "unfavorable market climate and market valuations". Link is provided below:
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