Macro Outlook - 19 May 2025
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.
S&P 500 futures just topped at 40 day cycle magnitude along with Nikkei futures and potentially Bitcoin. At this stage we are not looking for meaningful resets lower. The US Dollar is still constructive in our view and is merely looking for the first 40 day cycle trough at the moment. Oil looks to have more upside, however Copper is flaccid.
