The "Normal Range" is calculated by establishing five medians (not averages) over intervals of eight years. Market valuation is reflected where the Shiller ratio (blue line) is at. The market gauge (to the right) reflects the point in time for the graph in question.

Below visuals include, 2009, 2000, and 1929.


Historical yearly market gauge on Jan 1.

S&P valuation heat gauge
2009 S&P market gauge
1929 S&P valuation gauge