The S&P 500 is still overvalued — even with the correction. Here’s why.

The stock market can’t count on valuations to stop the current correction and lead to a resumption of the bull market.

Even with a nearly-6% correction under its belt, in fact, the S&P 500 SPX remains more overvalued today than at almost every other bull market peak of the last century. Clearly, equities will have to look elsewhere than valuations for support.

This…