Financial media and dominant narratives. Narratives coordinate positioning; the market moves on the story until the data contradicts it.
What to watch: Headline framing; "soft landing", "higher for longer", "AI bubble". It arrives continuous, and the effect typically lasts weeks.
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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