Bull Market - What am I missing?

Wanted to start a thread for discussion purposes on everyone's current view of the market. TSLA is ripping higher than ever before, tech stocks are on fire, and broad indices are slight above or near pre-covid levels.

I understand indices like the S&P are market weighted, so that figure is slowly being monopolized by firms that are doing well vs. ones that are not.

What does everyone think? Is the bad news already all baked in and people are bullish that we will come out stronger than before? Pain is on the way, what will be the straw that breaks the camel's back? Something feels weird in the air, but tough to pinpoint, so thought it would be best to get viewpoints from everyone (no right or wrong answers, just want to pick everyone's brain).

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