Look at this chart. While people are telling you that the market is in a bubble, things are parabolic and this is unsustainable, the largest weighting of the most important stock market gauge hasn't even done anything for years.
Rather than taking the time to actually go one by one counting each of the stocks that are going up, down, or sideways, humans would rather skip that altogether in favor of their favorite Index or some kind of statistic.
You don't need any sophisticated math skills in order to count how well or poorly the stock market is doing.
Have you heard that this bull market is only being driven by Large-cap Tech?
Well, what if Small-cap Tech broke out of this multi-year base to new all-time highs?
What then?
Would it still be just Large-cap Tech?
Here's what the index looks like and, by definition, it excludes any of the so called "Mag7" and any other Mega-cap stocks that are perhaps helping to drive other indexes.