Nasdaq new lows declined and the HL Ratio regained neutral territory last week. With the S&P 500 stable, historical Presidential Cycle data suggests a modestly positive outlook for early March.

Markets are "out of gear" as price momentum hits record highs and OpenAI projections defy historical growth norms. Extreme industry concentration mirrors the 2000 dotcom bubble, signaling a potential shift toward hard assets.

Here is a range-bound equity market. Everyone knows something is off. Private credit is screaming at us. Japan’s bond market is a mess. Blame AI all you want. But there’s something bigger here.