What looked like a routine pullback is turning into something much larger. The tone of the market has shifted, and this time it feels different. I warned this would happen, not because I predicted the market, but because structure always sends a signal before price does. You could see it building in the data, in sentiment, and in the way investors stopped asking why and started asking how much higher.
The rally we just lived through was not built on fundamentals. It was built on liquidity, narrative, and AI-driven optimism. It was momentum disguised as stability. Now the test has begun. The market is asking its usual question: who knows what they own, and who has been renting?
