NEW YORK ( TheStreet) -- The major equity averages set new multi-year highs or all time highs earlier this week. This strength plus a rise in the yield on the 30-year US Treasury bond generated a ValuEngine Valuation Warning with more than 65% of all stocks overvalued. This is the fundamental condition that typically occurs when timing a stock market top.Technically, I have been tracking the major averages into overbought territory on their weekly charts since the beginning of the year. It wasn't until two weeks ago when all five major averages had overbought weekly chart profiles.
The Major Equity Averages Face Weekly Key Reversals
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