Macro Outlook - 23 February 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 Down (->40D trough). Gold Up (->80D peak). Oil Up (->80D peak). Copper Up (->40D peak). USDJPY Down (->20 day trough). EURUSD Down (->40D trough). SPX E-minis Down (-> 40D trough). Nikkei Down (->80D trough). Bitcoin (20D trough). Ten Year Notes Up (->40D peak).