Some stats say the market is overheated and some say not so much. From the WSJ:
Despite another robust corporate earnings season, the S&P 500 has inched up just 1.5% over the past three weeks as simmering trade tensions and signs of slowing growth at big technology companies sapped investor confidence. Those issues have helped drive valuations down to their lowest levels of the year, even with the broad stock-market index hovering just 0.5% shy of its January high. The S&P 500 trades at 18.8 times earnings over the past 12 months, a basement valuation that is lower than February’s trough of 21 times earnings, according to FactSet. At the S&P 500’s peak in January, the index traded at nearly 22 times earnings, well above its current level. Strong corporate earnings are making stocks look less pricey than they did before. Companies in the S&P 500 have posted double-digit profit growth for the past three quarters to help earnings catch up with the S&P 500’s 7% advance this year. For the latest quarter, profits are on track to rise 24% from a year earlier, the best pace of earnings beats since 2008, according to FactSet