A very important chart here from @Delphi_Digital's latest chartbook for November. This chart compares: • U. Michigan Consumer Sentiment Index (orange line) • S&P 500 Index (white line) From the 1990s to 2025. Historically, these two tend to move directionally together: when consumers feel good about the economy, markets often rise; when sentiment collapses, markets usually struggle. But in 2024–2025, the divergence becomes extreme: • S&P 500 makes new highs • Consumer sentiment collapses to multi-decade lows (≈50) This is one of the largest sentiment–market divergences on record and it signals an unusually fragile market foundation. Markets are climbing despite consumers being historically pessimistic. This suggests market strength is not coming from broad economic confidence – but from: • liquidity injections • AI/tech-driven earnings concentration • institutional flows • passive index flows This makes the rally more vulnerable to macro or policy shocks. Plus, historically, major divergences like this precede inflection points. When sentiment collapses while markets rise, one of two things usually happens:...