The Macro Brief - 13 April 2026

Analysis & Learning Apr 13, 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.

The Macro Brief is an excerpt from our weekly Macro Outlook newsletter. Today we are highlighting the US Dollar and S&P 500 e-minis.

General outlook: US Dollar Up (80D trough). Gold SmallDown (->20D trough). Oil SmallUp (20D trough). Copper Down (->20D trough). USDJPY Up (80D trough). SPX E-minis Up (->40D peak). Bitcoin Down (->80D trough). Ten Year Notes Down (->20D trough).

US Dollar - in 80 day cycle trough zone. Up.

DXY is potentially in an 80 day cycle trough zone here.

S&P 500 E–Minis (ES) - heading towards 40 day peak zone. Up.

Price looks to be refreshing in a shallow 20 day cycle trough, but is still being driven higher by the 40 day cycle upswing.

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.