The idea of a macro-sentiment indicator is to monitor macro data and sentiment data at the same time.
The idea is straightforward. Divergence between macro and sentiment data can generate a signal.
For example, good macro data and bad sentiment would generate a buy signal.
Bad macro data and good sentiment data generates a sell signal.
I published an Amazon book about 3 years ago. Unfortunately, the code relies on Quandl which doesn’t support most of the queries anymore.