Similar market instruments can behave differently under the same structural condition.
The framework allows market behavior to be compared across instruments without assuming that each symbol responds the same way.
Research principle:
structure can be consistent while behavior varies by market, symbol, or condition.
Why This Matters
SPY, QQQ, and DIA may share broad market exposure, but their intraday behavior can differ because of composition, volatility, and response characteristics.
Measuring those differences helps avoid treating all markets as interchangeable.
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