This is one of the most important charts in the market right now.

The S&P 500 is down -5.1% YTD.

Not because earnings collapsed.

But because P/E multiples got crushed by -10.56%.

Meanwhile: Earnings contribution = +5.18%Dividends = +0.28%

Translation: business performance is holding up better than price action suggests.

That’s where mispricing starts to appear.