$SPX 2021E EPS is $161.28 per share, as of July 8, up 2.6% above Actual 2019 EPS of $157.12. The S&amp;P 500 closed 2019 at ~3231 and closed Q2 2020 at ~3100, down 4%. Current price seems rationale to me, and that without taking into account the current low interest rates (vs 2019).