NEW YORK ( TheStreet) -- Stocks began 2013 with a strong rally and as a result have become overvalued fundamentally and overbought technically. We enter February with new monthly value levels, pivots and risky levels that should limit the upside potential for the stock market. With the yield on the 30-year bond trading around 3.20%, stocks have become less undervalued and more overvalued.Some recent economic data have been weaker than expected such as: The Conference Board's reading on Consumer Confidence at 58.6 well below the 90 to 110 neutral readings, Advanced GDP for Q4, with a contraction of 0.1% when a modest expansion was expected, and Initial Jobless Claims back above the recessionary threshold of 350,000 with the four-week moving average still above 350,000 at 352,000. It's all about valuations, technicals and levels, and it appears that the Dow Industrial Average and the S&P 500 will not see new all-time highs versus their October 2007 highs at 14,198.10 and 1576.09 respectively. www.ValuEngine.com we show that 63% of all stocks are overvalued up from 59.5% a week ago. When 65% or more are overvalued ValuEngine issues a valuation warning. This is the fundamental reason the Dow Industrials and S&P 500 will not set new all time highs during this rally. Technically the monthly charts are overbought for Dow Industrials, S&P 500 and the Russell 2000, not for the Nasdaq or Dow Transports. The weekly charts are overbought for the S&P 500, Dow Transports and Russell 2000 with Dow Industrials and the Nasdaq a week away from being overbought. With all weekly charts becoming overbought next week the technicals suggest limited additional upside for the stock market at least for February.