Signs of a major market top

1 Valuation: Fully priced with no room left, industry blue-chip tech stocks with P/E over 100, consumer stocks with P/E over 50.

2 Narrative: The grandest narrative emerges, such as "Not buying new energy now is like not buying property 20 years ago" and "MT is a core asset for perpetual operations that will never be sold, to be passed on to the next generation."

3 Buying pressure: Mutual funds are rushing across sectors to be the bagholders, for example, consumer and pharmaceutical funds are crowding into tech. Who will be the next to take over?

4 Sentiment: Short videos discussing it everywhere, from street corners to alleys.