There seems to be a strong correlation with treasury interest rates and price to earnings multiples. The lower rates go, the lower the price to earnings multiples on the stock market can go. Here's a chart that reflects the 7 year treasury rate and the Dow P/E multiple at a pivot point. The treasury interest rate rise has been actually rather mild, but it could be at the end of the rise. However, that could also mean a ST stock market top. If the ratio manages to go further downwards breaking the upward trend since the middle of 2014, then stocks could be in the midst of a really strong push up while interest rates continue on up for quite some time.