Stocks today are overvalued by any reasonable valuation metric.
If you look at the CAPE (cyclical adjusted price to earnings) the market is registers a reading of 27(anything over 15 is overvalued). We’re now as overvalued as we were in 2007. The only times in history that the market has been more overvalued was during the 1929 bubble and the Tech bubble.
Please note that both occasions were “bubbles” that were followed by massive collapses in stock prices.