The market shows high risk across multiple dimensions.

Top-10 names = 38% of S&P cap. Equivalent to peak 2000 concentration.

CAPE elevated, above the 50-year mean. Historically reverts within 4y in 92% of cases.

Macro stress rising: yield curve compression and PMI softening signal caution.

AAII bullish reading elevated. Margin debt rising year-over-year.