Hartnett instead labels the firm's outlook as "speculation pessimists" and "rotation optimists," meaning that investors may have to scour a bit for opportunities.
Likewise, Strategas estimates that stocks have become "fairly valued" though that, too, does not connote a pessimistic outlook.
Both analyses count on economic growth taking the baton from monetary stimulus—a risky position considering most economists are ratcheting forecasts lower for the remainder of 2013.
"The market's propensity to ride momentum and valuations is by no means towering, but for the trajectory of corporate fundamentals to improve the economy's organic growth drivers need to kick into overdrive," Strategas analyst Nicholas Bohnsack said in an analysis.
(Read more: Stock-picker Sass expects 8-year market expansion)
As for rank-and-file investors, the attitude is definitely to the upside.
The most recent American Association of Individual Investors sentiment poll, released Thursday, showed market optimism at a 21-month high. Bulls outweighed bears by margin of 49.2 percent to 17.6 percent.
Indeed, an overbought market alone is no reason to be sour on stocks.
Since 1990, there have only been two other occasions when overbought levels have eclipsed the current state, with all 10 S&P 500 sectors at least two standard deviations above their 50-day moving averages. A plain-English translation of those measures is that the market is trading well above its near-term trend.
On both those occasions, the market leveled out afterwards but never had a decline greater than 4.4 percent over the following year, according to Bespoke.
Still, S&P Capital IQ this week said the average is approaching "a zone of vulnerability" that could pull it down to the 1,710 to 1,725 range.
(Read more: Scary! This bearish call points to 40% market drop)
Even so, the firm expects that to be merely a buying opportunity that takes the index higher and eventually to 1,845 by this time next year.
"During periods of upward market momentum, it is not uncommon for multiples to shoot past long-term averages. In addition, other factors remain favorable for equities, in our view, such as liquidity and seasonality, as well as declining oil prices, interest rates and the value of the dollar," S&P Capital IQ said in a summary analysis. "We therefore remain positive on equities."
—By CNBC's Jeff Cox. Follow him on Twitter @JeffCoxCNBCcom.