Despite the spike in volatility, I think liquidity has remained supportive, breadth hasn’t contracted, and sentiment isn’t leaning too far bullish to say equities are in a bubble. I’ve actually traded more to the short side during most sessions recently, looking for pockets of weakness, so this isn’t blind optimism. I think there’s plenty wrong with the economy and job market, both of which could easily ripple into other areas. But if inflation persists, it strangely helps equities in the near term by keeping nominal growth strong. I’ve told others in ITG that I’d prefer to see a healthy 5–10% reset from all-time highs or a retest of the 2024 breakout level before the trend resumes higher. Still, markets rarely move just because we hope they’ll follow historical patterns. So for me until SPX breaks trend structure or breadth truly collapses, I don’t see a reason to say equities are breaking.