Chart show is ndx over spx. Currently the ndx relative to spx is on the high side of the range over the last 3 decades. With apple, amazon, Microsoft, google at the top of the index market cap list, will they reprice and or get dragged down reflecting some discount in future growth?
Apple specifically has very low growth forecasted for the next 2-3 years. Not to day they cant surprise with new growth or new products, but the current sales multiple for apple is pricing in a lot of above average growth. Apples price to sales is around 7-8 times revenue, and its traded between 2-8 x sales in last 2 decades when more growth was forecasted.