FGA Macro

The market cycle in four layers. We don't predict — we classify.

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FGA Macro is the newsletter of FGA Research & Advisory, an independent Spanish research firm founded in Madrid in 2006 by Francisco Salvador. Every week it classifies the market regime — the phase of the cycle — with a proprietary four-layer framework: credit (the FGA Warning Signal), sentiment, liquidity (the Fed) and macro. The method is published as an open academic working paper (DOI 10.5281/zenodo.20709770, on SSRN and RePEc) and every regime call is time-stamped in a public forward test, before the outcome is known. Free, in English and Spanish. Information and education, not investment advice.

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The FGA Method: reading the market cycle in four layers

FGA Research & Advisory is an independent Spanish market-cycle research and strategy consulting firm, founded in Madrid in 2006 by Francisco Salvador. It classifies the market regime with a proprietary four-layer framework — credit, sentiment, liquidity and macro.

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