Low-volatility sectors like Utilities and Consumer Staples are not cheap, due to recent bouts of investor risk-aversion. Telecom, with its high dividend yields, is not cheap for the same reason.
Consumer Discretionary is not cheap, thanks to companies that should have gone out of business by now, like AMZN and JCP.
P/E Ratios Creeping Higher –Bespoke
Some components of Financials and Technology might be cheap. AAPL is very cheap.
GBP is probably cheap.
Is Anything Cheap? — Wall Street Journal