The analyst reviews the state of financial markets as of August 15, 2025. All major indexes showing potential for pullback. NASDAQ appears stretched based on historical evaluations, market cap reaching 145% of the US M2 money supply. Weakness is seen in Industrials, semiconductors, financials. Health care sectors popping upward with United Health getting superinvestor interest. The analyst provides key price and trend data, including the volatility index grinding to a possible future break to the upside. Analyst believes some ETFs may be vulnerable to a correction like REITs.