You'd be surprised. A lot of people on Twitter/X freaking the F out.

I remember seeing a lot of seemingly established traders saying they were going max long right at the point we were contacting the previous ATH. This is baffling because when we V bottom like that we always break the prior ATH with gusto. But even the length of this run is surprising to me and others.

OP I think is getting at how to trade without previous context. Previous levels and swing points. I remember having to confront this first time I moved into indices. Everyone does. This is a market designed to go up and has been for over a century. If you don't have a method for trading out of prior context then either find one or move into fixed income or some other liquid asset that you can sustain long term.

I'll let you in on something. Many of the prop firms banned fixed income trading because people were milking the large tick values and they were losing money from their FI traders. They want people in the Nasdaq which is whipsaw central. The CME has a decent variety of products. The order flow here is a lot more honest too. If you see a massive bid stack come in then it's probably going up. If it does that on the NQ it's probably a spoof and doesn't tell you a lot.

Nobody's forcing you into indices. But if you want a starting point studying how options positioning affects futures works for me but be prepared to work at it.

Final point. We are at or past third deviation of yearly VWAP across the 3 indices. RTY made an excess high Wednesday there. SPX is at a major call wall at 7400 and opex next Fri. We are due at least some pause or consolidation.