Macro Outlook - 19 January 2026

Macro Outlook Jan 19, 2026

You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology.

US Dollar Up (->40D peak). Gold Down (->40D trough). Oil Down (->20D trough). Copper Up (80D trough). USDJPY Up (40D trough). EURUSD Down (->80D trough). SPX E-minis Down (-> 80D trough). Nikkei Down (->40D trough). Bitcoin Down (->80D trough). Ten Year Notes Down (->80D trough).

Christopher Grafton CMT

Chris has been involved in the markets for 20 years. He is the author of Mastering Hurst Cycle Analysis and is an experienced working technician. Chris holds the CMT qualification.