Everyone is looking at all the same indicators hoping to see a recession coming that would inform them to get out of stocks and go to cash.
With everyone watching one of two things will happen. The indicators will not work, or, people will not believe them. I sure don’t think there is any irrational exuberance in sight so I think the indicators will not work.
That leaves a surprise. A shock. It could be a slow burn fuse like the bond market fails. It wouldn’t happen all at once.
In the meantime, the stock market may climb the wall of worry.