The Macro Brief - 21 September 2026

Analysis & Learning Sep 21, 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 S&P 500 E-minis and Bitcoin.

General outlook: S&P 500 E-minis Up (->20D peak). Bitcoin Up (->20D peak).

S&P 500 E–Minis (ES) - new 80 day cycle upswing. Up.

The 80 day cycle trough is in place and price is constructive. Looking for the next 20 day cycle peak.

Bitcoin – new 80 day cycle upswing. Up.

The 80 day cycle trough is in place and price is constructive. Looking for the next 20 day cycle peak.

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.