The Macro Brief - 25 August 2026

Analysis & Learning Aug 25, 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 and Bitcoin.

General outlook: SPX E-minis Up (20D trough). Bitcoin Up (-> 20D peak).

S&P 500 E–Minis (ES) - 20 day cycle trough forming. Up.

A 20 day cycle trough looks to be forming.

Bitcoin – heading towards the next 20 day cycle peak. Up.

The 40 day cycle trough is now in place and we are tracking 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.