The Macro Brief - 29 June 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.
General outlook: US Dollar Down (40D peak). SPX E-minis Up (->20D peak).
US Dollar - 40 day cycle peak in place. Down.
The 40 day cycle peak looks to be in place. We are looking for a mild pullback into the 10 day cycle trough and then potentially a counter-trend push higher.
S&P 500 E–Minis (ES) - heading towards the next 20 day cycle peak. Up.
The 20 day cycle trough looks to be forming and we are looking for a move back up into the next 20 day cycle peak.
