The Macro Brief - 2 November 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 Gold and the S&P 500.
General outlook: Gold Down (->80D trough). SPX E-minis Up (40D trough).
Gold - 80 day cycle trough still ahead of us. Down.
The 80 day cycle trough looks to be a week or so away. It is very difficult to view the last spike low as a legitimate 80 day cycle low. This argues for DXY higher too.
S&P 500 E–Minis (ES) - 40 day cycle trough zone. Up.
The 40 day cycle trough zone still looks to be forming, despite a nasty jolt lower. It is harder to argue for a runaway down move here.
