Morgan Stanley's Mike Wilson was on CNBC just now and made a compelling case that US stock indexes are richly valued. He said earnings estimates are still too high and that multiples are still rich.
He also made the argument that inflation is disguising margin weakness. Companies have sold goods that were acquired/built at lower prices while realizing higher prices themselves. Now, the costs of creating product have caught up and pricing power is maxed out. It's a compelling argument.
The S&P 500 rose as high as 4033 today but is back to 4011. That downtrend looms as the index flirts with the 200-day moving average.