Flipping the SPX500 is becoming a real narrative

Feels like we’re in a different kind of market now.

We’re seeing more cases where assets driven by community, attention, and narrative outperform what’s traditionally considered “safe” or fundamentally strong.

The SPX500 has always been the baseline, but it doesn’t feel like the only reference point anymore.

Not saying fundamentals don’t matter, but sentiment and collective belief seem to be playing a much bigger role than before.

Curious how others here think about this?