EPS appears to be far above that long-term trend,

and due to revert down toward the mean. 

This chart from the Bloomberg terminal shows that any sensible trend line suggests that recent earnings are unsustainable:

John Authers Bloomberg 10 januari 2023

https://www.bloomberg.com/opinion/articles/2023-01-10/earnings-outlooks-for-2023-will-hang-on-price-to-recession