Has anyone ever heard of a "K-Shaped stock market"?

I've heard of a K shaped economy, but this seems like a K shaped stock market where stocks at their all-time highs are steadily inching up higher and higher, while other stocks are at their multi year lows and still declining rapidly. I understand "VOO and Chill" and "Just Buy SPY" but other than those two, everything else just seems like a total gamble for the first time that I can recall since being on the stock market. This is the first year I've ever even heard of the term "value trap" and the sheer concept of that seems very confusing. Even the options market seems grossly underpriced to where I don’t want to be on either side of options. Not only that, but the daily back-and-forth over Iran Deals makes it start to seem like we are on the edge of the market, falling off of a cliff, or at the very beginning of a historical market rally where the NASDAQ can see 50,000 in the next couple of years. Does a K shaped stock market represent volatility, or am I overthinking a totally normal market?