Our prophecy was fulfilled on Tuesday as SPX delivered our expected new ATH. Breadth remains weak, as evidenced by RUT and DJI. The tape has grown weaker and weaker over the past few days despite the new ATHs. Cross-asset technicals and narratives are giving conflicting signs for U.S. equities. As yields hover around critical resistance, I expect a pullback is in order, which could cushion equities in the ST. As mentioned repeatedly, Trump only cares about 1) yields, 2) inflation prints, 3) stock market performance and 4) approval ratings. A push in any of these will support equities. However, the three key AI bellwethers are showing weakness, as SOXX failed to hold above the generational resistance and NVDA is once again back below 230. KOSPI is much worse: it has never been able to break through the 7.1K resistance and has dipped below the ST trendline. KOSPI is indicative of the typical run into the tulip stage of any bull run, and typically, as we have seen from its PA, it doesn't bounce back to key levels. Despite the ostensibly flattering tape on SPX and NDX, underneath I smell greed and chaos. Stay vigilant. I expect vol to pick up as we near the election.