Market Regimes Don't Break From Above. They Break Through Flow

Micro order flow is not downstream from macro — it is the mechanism through which macro regimes are constructed, sustained, and destroyed.

Micro order flow is not downstream from macro — it is the mechanism through which macro regimes are constructed, sustained, and destroyed.

The dominant framework in macro analysis treats order flow as a transmission belt: policy changes, and flow responds.

This is backwards. Flow aggregates carry structural information that precedes and constitutes regim…