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Executive Summary
The market remains in a liquidity-supported uptrend, but the structure is increasingly fragile:
● Earnings momentum: Strong and accelerating (18% FY26 EPS growth)
● Liquidity flows: Positive, dominated by passive inflows + buybacks
● Leadership: Still concentrated in Mag 7 (high PEG risk emerging)
● Short interest: Low → limited fuel for squeeze upside
● Valuation: Elevated but supported by forward EPS trajectory
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