Market structure is the quiet architecture behind every price move. It’s the plumbing of liquidity, flows, rates, and incentives that shapes what investors see on the surface. When people refer to "momentum," they are actually referring to the structure that pushes money, such as passive funds, buybacks, or interest-rate trends. Structure is why certain stocks lead without any real news and why others stall despite excellent fundamentals. Over time, it explains more returns than stock-picking ever will. Thi ...