SPX500 Pulls Back Amid Low Volume, Price 20 Times Earnings

While it seems that price action is now using previous resistance as support, RSI and stochastic are flashing overbought. There is a fear that US equities are 'melting up' where retailers are suffering from 'fear of missing out' which is typically an indicator of a market top. This is on the back of low volume, RSI and stochastic nearly flashing and flashing overbought while prices reach towards 20 times earnings.