The SandP 500 just passed its highest valuation level in almost 18-year.

Market valuations continue to get richer as the bull run nears its 11-year anniversary, with one measure at its highest point in nearly 18 years. As of Wednesday, the SandP 500 traded at 19 times 12-month forward earnings, the highest the P/E level has been since May 23, 2002, according to FactSet calculations released Friday. While that is high compared to historical averages, it still sits below the 20-year peak of 24.4 set on March 24, 2000, just before the dotcom bubble burst. The number is well above its most recent trends.

The current P/E level has eclipsed the five-year (16.7), 10-year (14.9), 15-year...