Does this rally feel healthy to you?

I look at markets mostly through yields, and I’m struggling to fully buy into this rally. Indexes are near ATHs, but a lot of big names have been flat or drifting lower for weeks. At the same time, yields are still elevated, so it doesn’t really feel like conditions are getting easier. A few things that stand out to me: 1. Strength feels narrow, not broad 2. Earnings expectations seem ahead of actual earnings 3. Volatility is very low despite obvious macro risks Not trying to call a top or say “crash incoming.” I’m still mostly invested, just more cautious than usual and holding more cash than I normally would. Is this just normal rotation under the surface? Or are yields quietly signaling something equities are ignoring?