The market breadth is getting narrower, with everything focused on the AI sector. Out of the S&P 500 components, 300 stocks have fallen below the MA200, and 400 have dropped below the MA50. Right now, everything is being propped up by AI infrastructure, so every quarterly AI earnings report, from upstream giants to downstream leaders, is crucial. On the surface, it’s all bullish and long, but deep down, we must stay vigilant about the possibility of the decade-plus upward cycle ending in a particular quarter. Currently leaning slightly towards a peak in April or July of 2027.