The Macro Brief - 5 May 2026

Analysis & Learning May 5, 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 USDJPY and S&P 500 (e-minis).

General outlook: USDJPY Up (80D trough). SPX E-minis Up (40D trough).

USDJPY - 80 day cycle trough zone. Up.

USDJPY looks to have just reversed out of an 80 day cycle trough, we are looking for an upside resolution.

S&P 500 E–Minis (ES) - high 40 day trough zone. Up.

Price may have just passed through a high, shallow 40 day cycle trough zone.

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.