Market complacency is usually the warning sign. Index holding steady, but beneath the surface there's a meaningful rotation underway.

Vermilion's David Nicoski points out tech weakness masked by headline numbers. Real relative strength: healthcare, biotech, gold, energy — and it's been building for weeks.

Data center supply chain showing cracks. Labor inflation (electrical, HVAC, plumbing) compressing margins. Charts breaking below 200-day MA.

Credit default swap spreads widening — credit markets pricing risk that equities haven't caught yet.

Worth watching closely. Rotation and divergence like this often precedes broader repricing.