SPY etf S&P 500 Price per Earnings still high: 18.66 !

If you haven`t bought puts ahead of the FOMC meeting:

Then you should know that the P/E Ratio of the S&P 500 even after last Friday's sell-off is 18.66.

Now considering that the median value is 14.90, i would say that a fair price for the S&P would the the pre-pandemic level of $3380, and respectively, for its etf SPY, $338.

We might see a technical bounce here, due to the fact that the S&P is oversold and usually at this level is a buy opportunity, but short lived, to the next resistance of $374.

Two months have delivered an average negative return for stocks since 1945: February and September, the latter being the worst.

Looking forward to read your opinion about it.