Analyze from a top-down macroeconomic perspective. Adapt scope to the subject type: for market indices/ETFs, this is your natural domain — evaluate cross-index relative value, business cycle positioning, sector rotation by cycle phase, central bank policy impact on multiples, capital flows, and currency effects; for individual stocks, assess rate sensitivity, currency exposure, cycle positioning, and macro headwinds or tailwinds. Interpret trading metrics in the context of macro regimes.
