July 2017 Market Update - Valuation?

The S&P 500 returned 0.48% in June and continues to inch higher. At the midpoint of the year the S&P 500 is up roughly 9%. I'm not sure this market has gotten the memo that it's expensive and overdue for a correction. In fact, the market survived a challenging period that started in August of 2015 and ended in March of 2016. This was a period that included a hurricane warning for the market (when the monthly 5-month simple moving average was below the 12-month simple moving average). This US stock market is so hated the bond market has started flattening; shouting, as only the bond market can, that the economy may not be as solid as the US stock market is believing. This "economy slowing interpretation" may prove to be errant analysis or at least early. The bond market flattening may indicate more about inflation cooling and less about an eminent US GDP or S&P 500 earnings decrease. Let's review price, sentiment, and valuation as we enter July.