Overpriced market you say? According to this chart on Bespoke Investment Blog, not so much (click to enlarge)
One could argue that next year's S&P earnings as a group probably are overstated if the economy is going to slow down, but even if they are 5-7% too high in aggregrate, the index overall is still historically 'normal' - not too expensive, not too cheap.
As more profits go to corporations rather than labor (see stagnating wage growth for better part of this decade), along with many cash flush companies buying back stock thus decreasing the number of shares (and hence increasing the earnings per share) - we seem to have hit a pretty nice spot for the investor class. What about the rest of the population which relies mostly on income? Well I suppose the news is not good. As Cramer likes to say... "America ... for the corporation, by the corporation."