The tides are shifting. Corporate buybacks are entering blackout, retail flows are turning negative, insiders are selling fast, and hedge fund buying is losing steam. After months of momentum, the tactical backdrop has turned—and the market may no longer have the wind at its back.

Signs of life

China’s economy shows surprising signs of life. Retail sales just posted their fastest growth since 2023, monetary easing is picking up, and AI-driven optimism is spreading. While challenges remain, the latest data hints the giant may be stirring from its prolonged slump.
 

There’s growing unease that this Middle East conflict won’t fade like past flare-ups. The assumption it’ll cool before markets reopen is cracking—this may escalate into something far worse. Here are 10 charts showing markets are positioned completely wrong for this scenario.