The stock market is expensive. But there’s still one bull case not priced in, says Bank of America.

Stocks are hanging in there. After Thursday’s

Walmart wobble, broader losses were pared as investors once again bought the dip. The S&P 500 still sits just 0.4% shy of its record high.

The market’s stoicism comes even as Bank of America says 19 out of 20 valuation metrics it tracks show the S&P 500 SPX “is trading at more expensive levels than historical averages.”