It’s too nuanced to make a blanket statement TBH. It all depends WHAT analysis your consuming and how it applies to your individual trading plan.
Moving average crossover- lagging.
Forward P/E ratio w.r.t multiple expansion analysis- leading.
TTM P/E ratio- lagging.
FXCM SSI- leading.
on and on…
This is an over-simplification and how did you settle on 3-5 years specifically? Individual equities trade minute-by-minute based on whatever is happening that day. A short term trader has 0 interest in the “3-5 year outlook”. High frequency algo’s (making thousands of trades per week) can care less about fundamentals- it’s arbitrage, order flow analysis (front-running), and spread scalping.
Don’t these two statements contradict one another?