Research background
What the model assumes, and what the evidence actually says.
A compact reading path for the market structure behind Graham Says.
01 · Target vs inputWhat “the Nasdaq” means
Exchange, Composite and Nasdaq-100 are different objects.
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02 · InstrumentWhat an NQ future isThe contract, the basis and why Graham uses a return rather than a level.
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03 · LiteratureWhy look at futures first?The market-microstructure evidence for futures leading cash price discovery.
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04 · CredibilityWhat the evidence does not establishAn intraday lead is not proof of closing-level predictability.
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