U.S. stock market sentiment is currently shaped by three interacting trends operating over different time horizons. The dominant multi-year Mega Sentiment Driver remains positive, while shorter trends introduce variation beneath that surface. Over the coming weeks, multi-week Micro Driver trend is volatile with an upward bias, even as the multi-quarter Macro Driver trend has shifted to an indication of vulnerability.Separate from these trend shifts, we expect a more dramatic boom-and-bust dynami
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