I really like this article from Econbrowser about the overall S&P500 market valuation. You should read it.
 
To summarize:
The stock market is approaching valuation ranges that are high relative to historical comparisons – but not higher than we have ever seen before. See the chart:

Probably more importantly, what happened to your money if you invested in the market at a time when it was higher than the historical norms by a material amount? Your 10 year returns would have lagged or been negative in many of these scenarios.

The overall problem – while this might show a market ready to produce negative returns, fixed income is not a safe haven for you so what do you do?
 
YOU HEDGE!!