Radar Perene / Archive / character

Character: Structure (intermarket)

◦ Pieces dated up to 15 Jul 2026 were written under index methodology v1; the current series is v2.2 (working papers with DOI). See the methodology.

Beneath mood and appetite lies a slower, more honest layer: the intermarket structure — the ratios between sectors that reveal where capital actually goes, regardless of what the market says it feels. This is the study of that architecture: when structure stalled while mood surged, when it led the turn before anyone, and why the skeleton tends to get the regime right even when it gets the timing wrong.

The intermarket reading is how the Radar reads the structure of the market from the inside: the ratios between classes and sectors — cyclical stocks against…

Read the full entry: What is the intermarket reading? →

Where Structure (intermarket) appears

• MarqueeThe single bet on banks: when the market chose a single sector
• MarqueeThe house in the dark: the structure's floor at the end of 2022 preceded a year of discord
• MarqueeOctober 2017: mood nailed 69.2 while the structure collapsed to 8.2
• DerivativeStructure leads mood: what 2016 taught about who arrives first
• EpisodeDecember in reverse, in thirty days
• DerivativeThe two clocks after the 2018 election: appetite at the top, structure at the floor (Dec 2018)
• EpisodeA year of discord: when mood and structure barely agreed
• comparacaoThe index's anchor is what sinks deepest.
• episodioThe aversion with no foreign accent
• episodioThe calm that hid an extreme — cyclicals stretched as never before, Jul/2016
• comparacaoThe house bets on itself. The world won't co-sign.
• episodioThe basket that wasn't a basket
• comparacaoEuphoria at its peak. The breach, too.
• episodioThe leadership no one celebrated — the mirrored rotation of November 2022
• episodioThe question April left behind
• comparacaoThe solitary fall has a culprit. The broad one does not.
• comparacaoCyclicals and defensives: who leads when fear is total — and when sentiment screams
• comparacaoHow a bottom is recognized: by what it does not shout
• comparacaoTwo floors, opposite directions — 2016 and 2022 read on the same axis
• comparacaoTwo winters, the same mismatch — never the same clocks
• comparacaoTwo nearly identical peaks — and why neither was strength
• comparacaoTwo houses in the same dark. Only one was breathing.
• comparacaoIFIX vs. IBOV: when bricks only rise because paper collapses
• episodioThe alarm the structure did not validate — Sep 2016
• episodioThe floor that rearranged its furniture — April 2022
• episodioThe appetite with no fixed address — October 2010 and the leadership that changed houses every month
• comparacaoAppetite returned. Conviction did not.
• episodioCapital changes its clothes, not its house — October 2023
• notaThe thaw that stopped at the surface — the intermarket at 50.1 in August 2016
• comparacaoThe disagreement repeats. The outcome, never the same.
• episodioThe extreme that unwound in a week
• episodioThe end of 2010: the gauge at 100, the lenders heading out
• episodioThe end of the commodities' reign — the crown fell in a single month, and the throne never came back
• comparacaoThe bottom is not where fear screams — it is where the floor stops giving way
• episodioThe leader yields the microphone — the rotation hidden at the top of December 2020
• comparacaoFear hit bottom. The structure was already rising.
• episodioThe month that undid two extremes — and crowned no one (Sep 2022)
• episodioThe month without a leader — when the index swallows the hierarchy
• episodioThe fifty-point leap that lied — December 2015
• comparacaoThe direction reversed. The gear did not.
• comparacaoThe basement went and came back. The roof never noticed.
• episodioThe thermometer rises, the skeleton stays still — March 2025
• episodioThe ceiling did not move; the tenants did — October 2021
• episodioThe banks leave the seat of honor — and the succession never came
• episodioThe banks leave the stage, with no heir — the exit that became a year-long decline
• episodioThe thirty days that undid three months — the banking lead of April 2013
• episodioThree readers, three books
• episodioThree months for the market to choose again
• comparacaoOne year later, the house swapped its floors
• comparacaoA sector capitulates. Or is it the ruler that trembles.

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