Positioning tells you how crowded a trade is. The source of marginal demand could tell you how durable it may be. Business activity can create recurring buying pressure that remains after sentiment cools. A durable supply sink can also support price by reducing the amount available to trade. Momentum-driven positions behave differently. Rising prices attract more capital through a thin market, but that demand weakens when the rally stalls. This is why co-movement says little about durability. Assets can sell off together without being supported in the same way. The important question is where the support is after momentum turns.(Delphi Digital)