The Macro Brief - 27 October 2025

Analysis & Learning Oct 27, 2025

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 (ES minis).

General outlook: US Dollar Up (->80D peak). Gold reacts Up? (80D trough). Oil Up (new 80D cycle). USDJPY small Up? (->80D peak). SPX ES-minis (->80D peak) Stall. Nikkei (->20W peak) Down reversal. Bitcoin (-> 40D peak) small Up. 10 Year notes (-> 40D trough) small Down.

Gold - 80 day cycle trough time location. Will it hold?

Price is testing the 80 day cycle trough time-zone at the 20 day VTL and FLD. If this doesn't hold we could see a sharp move lower. If it does hold, we would be looking for a counter-trend bounce.

S&P500 E– Minis (ES) - approaching 80 day cycle peak zone. Stall.

Price is approaching an 80 day cycle peak zone and in danger of stalling out.

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.