The same reading behaves differently across horizons and regimes.
| Concept | Explanation | |---|---| | Short-term sentiment | Often reacts to headlines, flows, leverage, and positioning. | | Medium-term sentiment | Influenced by earnings revisions, policy expectations, and market leadership. | | Long-term sentiment | Can reflect structural confidence, valuation regimes, or secular narratives. | | Regime dependence | The same sentiment reading can behave differently in trends, crises, or low-volatility periods. | | Historical baseline | Interpret readings relative to the asset's own history and methodology. |