DJI forward PE is now 21.4, not 16.5. It’s been as low as 11.8 in the last 30 years and as high as 70.9 in 2010.
http://www.wsj.com/mdc/public/page/2_3021-peyield.html
Also https://www.marketwatch.com/story/is-the-stock-market-overpriced-2017-01-03?link=MW_latest_news