10x Research: The market is generally bullish on 2026, but data does not support this optimistic outlook.

10x Research posted on the X platform that although the market consensus remains blindly optimistic about 2026 data, several closely watched indicators are showing divergence — such divergence has historically often signaled an impending shift in the market landscape.

The linkage between inflation trends, labor market trends, and interest rate expectations no longer exists, creating a macro environment that is far more fragile than the surface optimism suggests. Meanwhile, core asset classes are sending warning signals: the market's leading sectors may be continuously narrowing, and the suppression of volatility is unlikely to last.

To determine whether these changes indicate a mild slowdown or more severe market turmoil requires careful analysis rather than superficial narrative interpretations. Market realities may soon become less friendly. Now is a critical time to focus on underlying data.