Maybe it's a moot point. And maybe not. Debt doesn't matter. Cash flow doesn't matter. Profits are for geezers.
Market breadth is moot as it has caused no disruption in the averages for years.
We need to be educated. Never before have equities made up this much of institutional and household financial portfolios. As with any asset class, prices are determined by simplistic supply and demand forces. They don't call it Economics 101 for nothing. The concept is elegant in its simplicity.