Fund flows. Where the marginal dollar is going; the 401(k) drip is the steadiest bid in the market.
What to watch: ICI weekly; EPFR; ETF creations and redemptions. It arrives weekly, and the effect typically lasts weeks.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
Everything this entry connects to directly. Click any point to follow it.
Dials it feeds
This factor is one input to a composite reading on the Analytics page.
Also in Positioning, sentiment, and fund flows
- Implied volatility (VIX)
- Put/call ratio
- Retail investor sentiment (AAII)
- Fund manager survey (BofA)
- Active manager exposure (NAAIM)
- Fear and greed composites
- Margin debt
- Short interest
- CTA and trend-following positioning
- Volatility-control and risk-parity funds
- Dealer gamma positioning
- Foreign investor flows
- Sovereign wealth funds and pension allocation
- Retail trading activity
- Crypto markets
- ESG and thematic fund flows
- Pension funding status
- Retail options and leveraged ETF flows
- Market breadth
- Factor and style rotation