Composite of six market-internal signals: SPY momentum vs 125-DMA, Russell 1000 52-week-high breadth, 5-day breadth, junk-bond outperformance, VIX-proxy volatility, and SPY vs TLT safe-haven demand. Each component is percentile-ranked over the trailing 252 trading days.
Sum of Russell 1000 market cap divided by latest US GDP. Above 100% historically signaled overvaluation; today's reading reflects a structural shift toward a higher fair-value regime.
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