It's "Manic" - that's how the Bloomberg Intelligence Market Pulse Index desicribes investor exuberance for this market.
The BI Market Pulse Index is based on six inputs: price breadth, pairwise correlation, low-volatility performance, defensive-versus-cyclical performance, high-versus-low leverage performance and high-yield spreads.
从图可以看出23年以后无数次在同样level，可见不一定这个level一定correction
