The Macro Brief - 7 April 2026

Analysis & Learning Apr 7, 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 Gold and the S&P 500.

General outlook: US Dollar Sideways (->80D trough). Gold Down (->20D trough). Oil Down (80D peak). Copper Down (->20D trough). USDJPY Up (80D trough). EURUSD Sideways ->40D trough). SPX E-minis Up (80D trough). Nikkei Up (80D trough). Ten Year Notes Up (20W trough).

Gold - looking for next pro-trend 20 day cycle trough. Down.

The 40 day cycle trough is in place and we are looking for a shallow drift into the next 20 day cycle trough, before pushing again.

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

The 80 day cycle upswing is still in force and price should clear the 40 day VTL this week confirming the rally.

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.