All extended bull markets die on euphoria

$NASDAQ(.IXIC)$ $Nasdaq100 Bull 3X ETF(TQQQ)$ $Nasdaq100 Bear 3X ETF(SQQQ)$ $Invesco QQQ Trust-ETF(QQQ)$ $NASDAQ 100(NDX)$

Here are possible explanations to excessive rally:

1) Despite all time highs against a new QT era of competitive fixed-income rates/yields, a shrinking M2 supply, exorbitant Fed and Consumer debt, etc., we really are in a New Bull Market...and last week's relatively minimal sell off will prove to be a dip that should be bought.

2) All extended bull markets die on euphoria...and we've arguably had some of that this past year as well. So possibly, last week's sell off was the warning flag, and these rallies are the final breath.

3) Mega-institutions have achieved their goal of owning and controlling the entire mkt (even if on behalf of the govt) via algos to protect their positions and wealth - and now just manipulate it to make billions off of options traders, short sellers, and inverse ETFs...but will never let it drop or have proper price discovery again, no matter the fundamentals or valuations.

4) The entire system is so precarious and fragile that there is a concerted effort behind the scenes to prop up the entire House of Cards to avoid a massive collapse.

Take your pick - a reasonable thesis could be argued for any of them - but whatever the case, markets certainly haven't behaved "normal" for some time...or we seriously need to redefine what "normal" is in modern algo-driven markets.