{
  "name": "5Y Historic-Inspired + Post-2025 News Cycle",
  "startDay": 0,
  "basePrice": 100.0,
  "defaultVolatility": 0.85,
  "marketLength": 2000,
  "events": [
    {
      "day": 0,
      "shockPct": -1.2,
      "news": "Quarterly risk reset: profit-taking after run-up."
    },
    {
      "day": 7,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 14,
      "shockPct": -2.5,
      "news": "Banking stress headlines revive 2008-style fears; liquidity backstops hinted.",
      "volatility": 1.4
    },
    {
      "day": 21,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 28,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 35,
      "shockPct": -0.3,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 42,
      "shockPct": 3.0,
      "news": "Coordinated central-bank statement calms markets; funding spreads tighten.",
      "volatility": 1.1
    },
    {
      "day": 49,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 56,
      "shockPct": 0.0,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals."
    },
    {
      "day": 63,
      "shockPct": 0.0,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 70,
      "shockPct": -0.3,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously.",
      "volatility": 0.95
    },
    {
      "day": 77,
      "shockPct": 0.0,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 84,
      "shockPct": 0.0,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals."
    },
    {
      "day": 91,
      "shockPct": -3.5,
      "news": "Geopolitical escalation triggers energy spike; shipping insurance costs jump.",
      "volatility": 1.8
    },
    {
      "day": 98,
      "shockPct": 0.0,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously."
    },
    {
      "day": 105,
      "shockPct": 0.2,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 112,
      "shockPct": 0.0,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals."
    },
    {
      "day": 119,
      "shockPct": 0.0,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 126,
      "shockPct": 2.8,
      "news": "Emergency energy releases + diplomatic corridor reduce tail risks.",
      "volatility": 1.2
    },
    {
      "day": 133,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 140,
      "shockPct": -0.2,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals.",
      "volatility": 1.05
    },
    {
      "day": 147,
      "shockPct": 0.0,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 154,
      "shockPct": 0.0,
      "news": "Positioning check: earnings resilience; volatility sellers return cautiously."
    },
    {
      "day": 161,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 168,
      "shockPct": 0.0,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals."
    },
    {
      "day": 175,
      "shockPct": -0.2,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 182,
      "shockPct": 2.0,
      "news": "Disinflation print surprises; first rate-cut timing pulled forward.",
      "volatility": 1.0
    },
    {
      "day": 189,
      "shockPct": 0.0,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 196,
      "shockPct": 0.0,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals."
    },
    {
      "day": 203,
      "shockPct": 0.0,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 210,
      "shockPct": -0.2,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously.",
      "volatility": 1.15
    },
    {
      "day": 217,
      "shockPct": 0.0,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 224,
      "shockPct": 0.0,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals."
    },
    {
      "day": 231,
      "shockPct": 0.0,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 238,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 245,
      "shockPct": -0.3,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 252,
      "shockPct": 0.0,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals."
    },
    {
      "day": 259,
      "shockPct": 0.0,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 266,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 273,
      "shockPct": -2.2,
      "news": "Major cloud outage + cyber incident hits megacaps; risk models reprice.",
      "volatility": 1.5
    },
    {
      "day": 280,
      "shockPct": -0.3,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals.",
      "volatility": 0.85
    },
    {
      "day": 287,
      "shockPct": 0.0,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 294,
      "shockPct": 0.0,
      "news": "Positioning check: trade friction; volatility sellers return cautiously."
    },
    {
      "day": 301,
      "shockPct": 0.0,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 308,
      "shockPct": 0.0,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals."
    },
    {
      "day": 315,
      "shockPct": 0.3,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 322,
      "shockPct": 0.0,
      "news": "Positioning check: trade friction; volatility sellers return cautiously."
    },
    {
      "day": 329,
      "shockPct": 0.0,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 336,
      "shockPct": 0.0,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals."
    },
    {
      "day": 343,
      "shockPct": 0.0,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 350,
      "shockPct": -0.3,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously.",
      "volatility": 0.95
    },
    {
      "day": 357,
      "shockPct": 0.0,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 364,
      "shockPct": -4.0,
      "news": "Election-year policy uncertainty: tariff threats and fiscal standoff.",
      "volatility": 2.1
    },
    {
      "day": 371,
      "shockPct": 0.0,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 378,
      "shockPct": 0.0,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously."
    },
    {
      "day": 385,
      "shockPct": -0.3,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 392,
      "shockPct": 0.0,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals."
    },
    {
      "day": 399,
      "shockPct": 0.0,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 406,
      "shockPct": 0.0,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously."
    },
    {
      "day": 413,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 420,
      "shockPct": 3.5,
      "news": "Post-election clarity: budget deal + investment incentives fuel relief rally.",
      "volatility": 1.3
    },
    {
      "day": 427,
      "shockPct": 0.0,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 434,
      "shockPct": 0.0,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously."
    },
    {
      "day": 441,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 448,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 455,
      "shockPct": 1.4,
      "news": "Quarterly rebound: earnings breadth improves; dip-buyers return."
    },
    {
      "day": 462,
      "shockPct": 0.0,
      "news": "Positioning check: soft-landing optimism; volatility sellers return cautiously."
    },
    {
      "day": 469,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 476,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 483,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 490,
      "shockPct": -0.3,
      "news": "Positioning check: soft-landing optimism; volatility sellers return cautiously.",
      "volatility": 1.15
    },
    {
      "day": 497,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 504,
      "shockPct": 0.0,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals."
    },
    {
      "day": 511,
      "shockPct": 0.0,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 518,
      "shockPct": 0.0,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously."
    },
    {
      "day": 525,
      "shockPct": -0.2,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 532,
      "shockPct": 0.0,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals."
    },
    {
      "day": 539,
      "shockPct": 0.0,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 546,
      "shockPct": -2.8,
      "news": "Credit event in private markets; refinancing wall sparks risk-off week.",
      "volatility": 1.7
    },
    {
      "day": 553,
      "shockPct": 0.0,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 560,
      "shockPct": -0.2,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals.",
      "volatility": 0.85
    },
    {
      "day": 567,
      "shockPct": 0.0,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 574,
      "shockPct": 0.0,
      "news": "Positioning check: earnings resilience; volatility sellers return cautiously."
    },
    {
      "day": 581,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 588,
      "shockPct": 0.0,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals."
    },
    {
      "day": 595,
      "shockPct": -0.3,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 602,
      "shockPct": 2.4,
      "news": "Orderly restructuring + backstop facility reduces contagion fears.",
      "volatility": 1.2
    },
    {
      "day": 609,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 616,
      "shockPct": 0.0,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals."
    },
    {
      "day": 623,
      "shockPct": 0.0,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 630,
      "shockPct": -0.2,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously.",
      "volatility": 0.95
    },
    {
      "day": 637,
      "shockPct": 1.4,
      "news": "Quarterly rebound: earnings breadth improves; dip-buyers return."
    },
    {
      "day": 644,
      "shockPct": 0.0,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals."
    },
    {
      "day": 651,
      "shockPct": 0.0,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 658,
      "shockPct": 0.0,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously."
    },
    {
      "day": 665,
      "shockPct": 0.3,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 672,
      "shockPct": 0.0,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals."
    },
    {
      "day": 679,
      "shockPct": 0.0,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 686,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 693,
      "shockPct": 0.0,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 700,
      "shockPct": -0.2,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals.",
      "volatility": 1.05
    },
    {
      "day": 707,
      "shockPct": 0.0,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 714,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 721,
      "shockPct": 0.0,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 728,
      "shockPct": 2.2,
      "news": "Productivity wave narrative: AI capex cycle accelerates; earnings revisions up.",
      "volatility": 1.1
    },
    {
      "day": 735,
      "shockPct": 0.3,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 742,
      "shockPct": 0.0,
      "news": "Positioning check: trade friction; volatility sellers return cautiously."
    },
    {
      "day": 749,
      "shockPct": 0.0,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 756,
      "shockPct": 0.0,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals."
    },
    {
      "day": 763,
      "shockPct": 0.0,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 770,
      "shockPct": 0.2,
      "news": "Positioning check: trade friction; volatility sellers return cautiously.",
      "volatility": 1.15
    },
    {
      "day": 777,
      "shockPct": 0.0,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 784,
      "shockPct": 0.0,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals."
    },
    {
      "day": 791,
      "shockPct": 0.0,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 798,
      "shockPct": 0.0,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously."
    },
    {
      "day": 805,
      "shockPct": -0.3,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 812,
      "shockPct": 0.0,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals."
    },
    {
      "day": 819,
      "shockPct": -3.2,
      "news": "AI overbuild concerns echo dot-com; guidance cuts hit high-multiple names.",
      "volatility": 1.9
    },
    {
      "day": 826,
      "shockPct": 0.0,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously."
    },
    {
      "day": 833,
      "shockPct": 0.0,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 840,
      "shockPct": -0.2,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals.",
      "volatility": 0.85
    },
    {
      "day": 847,
      "shockPct": 0.0,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 854,
      "shockPct": 0.0,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously."
    },
    {
      "day": 861,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 868,
      "shockPct": 0.0,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals."
    },
    {
      "day": 875,
      "shockPct": 0.3,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 882,
      "shockPct": 0.0,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously."
    },
    {
      "day": 889,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 896,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 903,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 910,
      "shockPct": 2.6,
      "news": "Breakthrough efficiency claims validated; capex shifts from hype to ROI.",
      "volatility": 1.2
    },
    {
      "day": 917,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 924,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 931,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 938,
      "shockPct": 0.0,
      "news": "Positioning check: soft-landing optimism; volatility sellers return cautiously."
    },
    {
      "day": 945,
      "shockPct": 0.2,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 952,
      "shockPct": 0.0,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals."
    },
    {
      "day": 959,
      "shockPct": 0.0,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 966,
      "shockPct": 0.0,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously."
    },
    {
      "day": 973,
      "shockPct": 0.0,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 980,
      "shockPct": 0.2,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals.",
      "volatility": 1.05
    },
    {
      "day": 987,
      "shockPct": 0.0,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 994,
      "shockPct": 0.0,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously."
    },
    {
      "day": 1001,
      "shockPct": 1.4,
      "news": "Quarterly rebound: earnings breadth improves; dip-buyers return."
    },
    {
      "day": 1008,
      "shockPct": 0.0,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1015,
      "shockPct": -0.2,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1022,
      "shockPct": 0.0,
      "news": "Positioning check: earnings resilience; volatility sellers return cautiously."
    },
    {
      "day": 1029,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 1036,
      "shockPct": 0.0,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1043,
      "shockPct": 0.0,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1050,
      "shockPct": -0.2,
      "news": "Positioning check: earnings resilience; volatility sellers return cautiously.",
      "volatility": 1.15
    },
    {
      "day": 1057,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 1064,
      "shockPct": 0.0,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1071,
      "shockPct": 0.0,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1078,
      "shockPct": 0.0,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously."
    },
    {
      "day": 1085,
      "shockPct": 0.2,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 1092,
      "shockPct": -2.6,
      "news": "Unexpected inflation rebound; central bank signals 'higher for longer'.",
      "volatility": 1.8
    },
    {
      "day": 1099,
      "shockPct": 0.0,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1106,
      "shockPct": 0.0,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously."
    },
    {
      "day": 1113,
      "shockPct": 0.0,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 1120,
      "shockPct": -0.3,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals.",
      "volatility": 0.85
    },
    {
      "day": 1127,
      "shockPct": 0.0,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1134,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 1141,
      "shockPct": 0.0,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 1148,
      "shockPct": 0.0,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1155,
      "shockPct": -0.3,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1162,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 1169,
      "shockPct": 0.0,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 1176,
      "shockPct": 0.0,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1183,
      "shockPct": 2.3,
      "news": "Inflation cools again; soft-landing confidence returns.",
      "volatility": 1.2
    },
    {
      "day": 1190,
      "shockPct": 0.3,
      "news": "Positioning check: trade friction; volatility sellers return cautiously.",
      "volatility": 0.95
    },
    {
      "day": 1197,
      "shockPct": 0.0,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 1204,
      "shockPct": 0.0,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1211,
      "shockPct": 0.0,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1218,
      "shockPct": 0.0,
      "news": "Positioning check: trade friction; volatility sellers return cautiously."
    },
    {
      "day": 1225,
      "shockPct": -0.3,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 1232,
      "shockPct": 0.0,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1239,
      "shockPct": 0.0,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1246,
      "shockPct": 0.0,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously."
    },
    {
      "day": 1253,
      "shockPct": 0.0,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 1260,
      "shockPct": 0.2,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals.",
      "volatility": 1.05
    },
    {
      "day": 1267,
      "shockPct": 0.0,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1274,
      "shockPct": -2.9,
      "news": "Emerging-market FX shock triggers forced de-risking; correlations spike.",
      "volatility": 1.8
    },
    {
      "day": 1281,
      "shockPct": 0.0,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 1288,
      "shockPct": 0.0,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1295,
      "shockPct": 0.2,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1302,
      "shockPct": 0.0,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously."
    },
    {
      "day": 1309,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 1316,
      "shockPct": 0.0,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1323,
      "shockPct": 0.0,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1330,
      "shockPct": 0.2,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously.",
      "volatility": 1.15
    },
    {
      "day": 1337,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 1344,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1351,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1358,
      "shockPct": 0.0,
      "news": "Positioning check: soft-landing optimism; volatility sellers return cautiously."
    },
    {
      "day": 1365,
      "shockPct": 2.1,
      "news": "IMF-style stabilization package announced; carry trade rebuild begins.",
      "volatility": 1.3
    },
    {
      "day": 1372,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1379,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1386,
      "shockPct": 0.0,
      "news": "Positioning check: soft-landing optimism; volatility sellers return cautiously."
    },
    {
      "day": 1393,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    },
    {
      "day": 1400,
      "shockPct": -0.3,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals.",
      "volatility": 0.85
    },
    {
      "day": 1407,
      "shockPct": 0.0,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1414,
      "shockPct": 0.0,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously."
    },
    {
      "day": 1421,
      "shockPct": 0.0,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 1428,
      "shockPct": 0.0,
      "news": "Weekly tape: rate-cut speculation; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1435,
      "shockPct": 0.3,
      "news": "Macro watch: rate-cut speculation; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1442,
      "shockPct": 0.0,
      "news": "Positioning check: rate-cut speculation; volatility sellers return cautiously."
    },
    {
      "day": 1449,
      "shockPct": 0.0,
      "news": "Narrative shift: rate-cut speculation; breadth and liquidity indicators in focus."
    },
    {
      "day": 1456,
      "shockPct": -2.4,
      "news": "Climate event disrupts supply chains; insurers reprice catastrophe risk.",
      "volatility": 1.6
    },
    {
      "day": 1463,
      "shockPct": 0.0,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1470,
      "shockPct": -0.3,
      "news": "Positioning check: earnings resilience; volatility sellers return cautiously.",
      "volatility": 0.95
    },
    {
      "day": 1477,
      "shockPct": 0.0,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 1484,
      "shockPct": 0.0,
      "news": "Weekly tape: earnings resilience; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1491,
      "shockPct": 0.0,
      "news": "Macro watch: earnings resilience; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1498,
      "shockPct": 0.0,
      "news": "Positioning check: earnings resilience; volatility sellers return cautiously."
    },
    {
      "day": 1505,
      "shockPct": 0.3,
      "news": "Narrative shift: earnings resilience; breadth and liquidity indicators in focus."
    },
    {
      "day": 1512,
      "shockPct": 0.0,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1519,
      "shockPct": 0.0,
      "news": "Macro watch: AI capex cycle; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1526,
      "shockPct": 0.0,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously."
    },
    {
      "day": 1533,
      "shockPct": 0.0,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 1540,
      "shockPct": -0.3,
      "news": "Weekly tape: AI capex cycle; flows rotate between defensives and cyclicals.",
      "volatility": 1.05
    },
    {
      "day": 1547,
      "shockPct": 2.0,
      "news": "Supply normalization + rebuilding spend support cyclicals.",
      "volatility": 1.2
    },
    {
      "day": 1554,
      "shockPct": 0.0,
      "news": "Positioning check: AI capex cycle; volatility sellers return cautiously."
    },
    {
      "day": 1561,
      "shockPct": 0.0,
      "news": "Narrative shift: AI capex cycle; breadth and liquidity indicators in focus."
    },
    {
      "day": 1568,
      "shockPct": 0.0,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1575,
      "shockPct": 0.2,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1582,
      "shockPct": 0.0,
      "news": "Positioning check: energy transition; volatility sellers return cautiously."
    },
    {
      "day": 1589,
      "shockPct": 0.0,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 1596,
      "shockPct": 0.0,
      "news": "Weekly tape: energy transition; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1603,
      "shockPct": 0.0,
      "news": "Macro watch: energy transition; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1610,
      "shockPct": 0.2,
      "news": "Positioning check: energy transition; volatility sellers return cautiously.",
      "volatility": 1.15
    },
    {
      "day": 1617,
      "shockPct": 0.0,
      "news": "Narrative shift: energy transition; breadth and liquidity indicators in focus."
    },
    {
      "day": 1624,
      "shockPct": 0.0,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1631,
      "shockPct": 0.0,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1638,
      "shockPct": -2.7,
      "news": "Antitrust wave targets platform fees; headline risk rises.",
      "volatility": 1.7
    },
    {
      "day": 1645,
      "shockPct": -0.2,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 1652,
      "shockPct": 0.0,
      "news": "Weekly tape: trade friction; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1659,
      "shockPct": 0.0,
      "news": "Macro watch: trade friction; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1666,
      "shockPct": 0.0,
      "news": "Positioning check: trade friction; volatility sellers return cautiously."
    },
    {
      "day": 1673,
      "shockPct": 0.0,
      "news": "Narrative shift: trade friction; breadth and liquidity indicators in focus."
    },
    {
      "day": 1680,
      "shockPct": -0.3,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals.",
      "volatility": 0.85
    },
    {
      "day": 1687,
      "shockPct": 0.0,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1694,
      "shockPct": 0.0,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously."
    },
    {
      "day": 1701,
      "shockPct": 0.0,
      "news": "Narrative shift: credit tightening; breadth and liquidity indicators in focus."
    },
    {
      "day": 1708,
      "shockPct": 0.0,
      "news": "Weekly tape: credit tightening; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1715,
      "shockPct": -0.3,
      "news": "Macro watch: credit tightening; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1722,
      "shockPct": 0.0,
      "news": "Positioning check: credit tightening; volatility sellers return cautiously."
    },
    {
      "day": 1729,
      "shockPct": 2.2,
      "news": "Settlement framework reduces uncertainty; buybacks resume.",
      "volatility": 1.2
    },
    {
      "day": 1736,
      "shockPct": 0.0,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1743,
      "shockPct": 0.0,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1750,
      "shockPct": -0.2,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously.",
      "volatility": 0.95
    },
    {
      "day": 1757,
      "shockPct": 0.0,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 1764,
      "shockPct": 0.0,
      "news": "Weekly tape: reacceleration hopes; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1771,
      "shockPct": 0.0,
      "news": "Macro watch: reacceleration hopes; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1778,
      "shockPct": 0.0,
      "news": "Positioning check: reacceleration hopes; volatility sellers return cautiously."
    },
    {
      "day": 1785,
      "shockPct": 0.2,
      "news": "Narrative shift: reacceleration hopes; breadth and liquidity indicators in focus."
    },
    {
      "day": 1792,
      "shockPct": 0.0,
      "news": "Weekly tape: soft-landing optimism; flows rotate between defensives and cyclicals."
    },
    {
      "day": 1799,
      "shockPct": 0.0,
      "news": "Macro watch: soft-landing optimism; analysts debate whether this resembles past late-cycle rallies."
    },
    {
      "day": 1806,
      "shockPct": 0.0,
      "news": "Positioning check: soft-landing optimism; volatility sellers return cautiously."
    },
    {
      "day": 1813,
      "shockPct": 0.0,
      "news": "Narrative shift: soft-landing optimism; breadth and liquidity indicators in focus."
    }
  ]
}