The S&P 500 trades well above its 10-year average forward price/earnings valuation. The MSCI EAFE ETF trades at a much lower P/E than the S&P 500 and is only slightly above its 10-year average valuation. - iStockphoto The headlines of record highs for U.S. stock indexes continue to flow, but what investors need to worry about is not just high prices in a bull market, but high valuations relative to earnings. A commonly used metric for stock valuations is the forward price-to-earnings ratio. That is a sto ...