Equity valuation multiples. Useless for timing, decisive for ten-year returns; the multiple is the market's rates-and-sentiment term.
What to watch: Forward P/E; CAPE; equity risk premium. It arrives continuous, and the effect typically lasts years.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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What moves it
Dials it feeds
This factor is one input to a composite reading on the Analytics page.