Markets Update – April 20, 2026
Covering Equities, Forex, Metals, Energy, Treasuries, and Agriculture
“The joy of winning and the pain of losing are right up there with the pain of winning and the joy of losing. Also to consider are the joy and pain of not participating. The relative strengths of these feelings tend to increase with the distance of the trader from his commitment to being a trader.”
Ed Seykota
His interview in Market Wizards, by Jack D. Schwager, 1989
Reads almost like a riddle, right?
May seem like it on the surface, but spend enough time in the markets and it stops being abstract very quickly. Let’s try to break it down and talk this week about feelings when trading the markets. It’s important, as they can be the source of very bad decisions and losses, in both investing and trading alike.
The obvious emotions we all understand. Winning feels good. Losing hurts. That part needs no explanation.
What I want to focus on are the less obvious ones, the ones that actually do the most damage. And it’s quite likely that you’ll experience all of these if you stay in the markets long enough.
So, let’s start with the pain of winning. Yes, it is very real and largely unspoken. It’s that feeling when you trim a trade early and the market runs without you, or even though you know you hold the right position, you exit it at the first sign of volatility, watching the rest of the move from the sidelines. You were right on the idea, you made money, and still managed to feel terrible about it.
Or perhaps worse, you hold a position that moves in your favour and spend the entire time anxious, watching every tick, unable to enjoy any of it because you are convinced it is about to reverse. Winning, and suffering through it. It almost feels cathartic when the move is over and you can finally close the position.
Then there is the joy of losing, which sounds strange until you have experienced it. A position finally gets stopped out after weeks of sitting against you, and what you feel is not disappointment but relief. The uncertainty is over. The decision has been made for you. There is something deeply human in that. And until that exit happens, the incentive to let it run quietly builds, unnoticed, until the damage is done, and then it disappears almost immediately the moment you sell.
There are also the not-participating emotions, perhaps the most underestimated of all. The joy of sitting out during chaos, watching markets move violently from the safety of cash, feeling vindicated and calm.
And then there is the opposite: the pain of watching a market run hard while you hold nothing, nothing other than fear of missing out. That particular discomfort has cost more money than most actual losing trades, because it generates the worst entries, the ones taken out of impatience, sized to compensate emotionally for everything you missed.
Seykota is right, as he tends to be about most things in this game. But notice he does not stress the need to be fully consumed by it, to neglect your work, your business, or your family to invest and trade in the right way. It is simply about taking it seriously, to commit when you’re at it, and not treat it as something casual where feelings drive most of the decisions.
This is precisely where the process becomes indispensable. It is good to have a structure that stands between you and your own emotional reactions. When the entry criteria are defined in advance, you do not have to decide in the moment whether fear is valid. When the stop is set before the trade is opened, the pain of losing is largely already accounted for and the decision to exit is not made under pressure. When position sizing is determined by risk parameters rather than conviction, the anxiety of holding a winner is contained within bounds you chose when you were thinking clearly.
The people who do it truly well are not without feelings. They experience every one of the emotions described here. What separates them is the process. It is what makes it possible to observe these feelings and still - not being governed by them, to feel the pain of missing a move and still wait for the right setup, to feel the relief of a stopped-out trade and still follow the system the next time. This week in the markets has been a good reminder of why that matters.
That sets the tone for this week, hopefully not too long. This is update number eighty-three, covering equities, forex, treasuries, metals, energy, and agricultural commodities, as always with updated trend tables, signals, and highlights for the week.
Kacper Piotr Kaminski, Cerlogic Markets Research,
This publication is for informational and educational purposes only and does not constitute investment advice. Markets involve risk, and every participant is responsible for their own decisions.
EQUITY MARKETS – INDICES
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• NONE
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• S&P 500 – UNITED STATES: sideways ➝ uptrend
• NASDAQ 100 – UNITED STATES: sideways ➝ uptrend
• DOW JONES – UNITED STATES: sideways ➝ uptrend
• DAX – GERMANY: downtrend ➝ sideways
COT CHANGES SINCE LAST WEEK
• NONE
$SPY $QQQ $IWM $EWC $EWG $EWU $EWQ $EWL $EWY $EWJ $FXI $KWEB $EWZ $INDA
Highlight for the week, shown below. 👇
FOREX
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• CHF/USD – SWISS FRANC: sideways ➝ uptrend
• JPY/USD – JAPANESE YEN: downtrend ➝ sideways
• NZD/USD – NEW ZEALAND DOLLAR: sideways ➝ uptrend
• AU/USD – GOLD: sideways ➝ uptrend
• INR/USD – INDIAN RUPEE: downtrend ➝ sideways
• SEK/USD – SWEDISH KRONA: sideways ➝ uptrend
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• CHF/USD – SWISS FRANC: sideways ➝ uptrend
• NZD/USD – NEW ZEALAND DOLLAR: downtrend ➝ sideways
• KRW/USD – SOUTH KOREAN WON: downtrend ➝ sideways
• RUB/USD – RUSSIAN RUBLE: sideways ➝ uptrend
• SEK/USD – SWEDISH KRONA: downtrend ➝ sideways
COT CHANGES SINCE LAST WEEK
• CAD/USD – CANADIAN DOLLAR: neutral ➝ positive
• NZD/USD – NEW ZEALAND DOLLAR: neutral ➝ positive
• ZAR/USD – SOUTH AFRICAN RAND: negative ➝ neutral
$USD $DXY $EUR $GBP $CHF $JPY $CAD $MXN $BRL $AUD $NZD $ZAR $AU $BTC $ETH $CNH $INR $SGD $KRW $RUB $PLN $NOK $SEK
Highlight for the week, shown below. 👇
INDUSTRIAL METALS
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• SILVER – UNITED STATES: sideways ➝ uptrend
• COPPER – UNITED STATES: sideways ➝ uptrend
• PLATINUM – UNITED STATES: sideways ➝ uptrend
• PALLADIUM – UNITED STATES: sideways ➝ uptrend
• LITHIUM CARBONATE – CHINA: sideways ➝ uptrend
• IRON ORE 62% – CHINA: uptrend ➝ downtrend
• URANIUM SPOT PRICE – GLOBAL: sideways ➝ uptrend
• TIN – LME, UNITED KINGDOM: sideways ➝ uptrend
• NICKEL – LME, UNITED KINGDOM: downtrend ➝ uptrend
• LEAD – LME, UNITED KINGDOM: sideways ➝ uptrend
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• LEAD – LME, UNITED KINGDOM: downtrend ➝ sideways
COT CHANGES SINCE LAST WEEK
• NONE
$SI / $SLV / $PSLV $PL / $PPLT $PA / $PALL $HG
Highlight for the week, shown below. 👇
ENERGIES
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• CRUDE OIL – UNITED STATES: sideways ➝ downtrend
• GASOLINE – UNITED STATES: uptrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• COAL – NEWCASTLE, AUSTRALIA: uptrend ➝ sideways
COT CHANGES SINCE LAST WEEK
• NONE
$CL $USO $NG $XLE $COAL
Highlight for the week, shown below. 👇
TREASURIES
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• 2-YEAR T-NOTE – UNITED STATES: downtrend ➝ sideways
• 5-YEAR T-NOTE – UNITED STATES: downtrend ➝ sideways
• 10-YEAR T-NOTE – UNITED STATES: downtrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• NONE
COT CHANGES SINCE LAST WEEK
• NONE
$SHY $IEF $TLT
Highlight for the week, shown below. 👇
AGRICULTURE
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• ORANGE JUICE – UNITED STATES: uptrend ➝ sideways
• WHEAT – UNITED STATES: downtrend ➝ uptrend
• ROUGH RICE – UNITED STATES: downtrend ➝ sideways
• SOYBEANS – UNITED STATES: sideways ➝ uptrend
• LEAN HOGS – UNITED STATES: uptrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• ORANGE JUICE – UNITED STATES: sideways ➝ downtrend
• CORN – UNITED STATES: sideways ➝ uptrend
• ROUGH RICE – UNITED STATES: sideways ➝ uptrend
COT CHANGES SINCE LAST WEEK
• NONE
$CT $OJ $KC $SB $CC $LBR $ZW $ZC $ZR $ZS $ZL $ZM $RS $LE $GF $HE
Highlight for the week, shown below. 👇
That’s it for now. As always, reach out if you want to dig into anything further. Below you can find the summary of upcoming economic events and earnings.
Stay safe out there!
Kacper Piotr Kaminski, Cerlogic Markets Research –
Economic Events & Earnings Calendar
April 20–25, 2026
Monday, April 20
Economic Events
• 02:15 🇨🇳 China Loan Prime Rate 1Y & 5Y Decision
• All Day 🇸🇪 Sweden Riksbank Meeting Minutes
• 10:00 🇺🇸 Leading Economic Index (March)
Earnings
• $TSLA (NASDAQ) Tesla – Consumer Discretionary / EVs & Energy 🇺🇸
• $SAP (NYSE / FWB) SAP – Technology / Enterprise Software 🇩🇪
Tuesday, April 21
Economic Events
• All Day 🇯🇵 Japan BoJ Core CPI (March)
• 09:00 🇪🇺 Euro Area Consumer Confidence Flash (April)
• 10:00 🇺🇸 Richmond Fed Manufacturing Index (April)
Earnings
• $GE (NYSE) GE Aerospace – Industrials / Aerospace & Defence 🇺🇸
• $VZ (NYSE) Verizon Communications – Communication Services / Telecom 🇺🇸
• $LMT (NYSE) Lockheed Martin – Industrials / Defence 🇺🇸
• $RTX (NYSE) RTX Corporation – Industrials / Defence & Aerospace 🇺🇸
• $NOC (NYSE) Northrop Grumman – Industrials / Defence 🇺🇸
• $HAL (NYSE) Halliburton – Energy / Oilfield Services 🇺🇸
• $BKR (NASDAQ) Baker Hughes – Energy / Oilfield Services 🇺🇸
• $ISRG (NASDAQ) Intuitive Surgical – Healthcare / Medical Devices 🇺🇸
• $KMB (NYSE) Kimberly-Clark – Consumer Staples 🇺🇸
• $COF (NYSE) Capital One Financial – Financials / Banking 🇺🇸
• $MMM (NYSE) 3M – Industrials / Diversified Manufacturing 🇺🇸
Wednesday, April 22
Economic Events
• Tentative 🇯🇵 Japan Flash Manufacturing & Services PMI (April)
• 08:15 🇪🇺 / 🇬🇧 / 🇩🇪 Euro Area, UK & Germany Flash Manufacturing & Services PMI (April)
• 09:45 🇺🇸 S&P Global Flash Manufacturing & Services PMI (April)
• 10:00 🇺🇸 New Home Sales (March)
Earnings
• $T (NYSE) AT&T – Communication Services / Telecom 🇺🇸
• $BA (NYSE) Boeing – Industrials / Aerospace & Defence 🇺🇸
• $IBM (NYSE) IBM – Technology / IT Services & Cloud 🇺🇸
• $PM (NYSE) Philip Morris International – Consumer Staples / Tobacco 🇺🇸
• $GD (NYSE) General Dynamics – Industrials / Defence 🇺🇸
• $NEE (NYSE) NextEra Energy – Utilities / Renewables 🇺🇸
• $CMG (NYSE) Chipotle Mexican Grill – Consumer Discretionary / Restaurants 🇺🇸
• $NOW (NYSE) ServiceNow – Technology / Cloud Software 🇺🇸
Thursday, April 23
Economic Events
• 08:00 🇩🇪 Germany Ifo Business Climate Index (April)
• 08:30 🇺🇸 Initial Jobless Claims (Week ending Apr 18)
• 08:30 🇺🇸 Durable Goods Orders (March)
• 10:00 🇺🇸 Existing Home Sales (March)
Earnings – Metals & Mining
• $NEM (NYSE / ASX) Newmont Corporation – Materials / Gold Mining 🇺🇸
• $FCX (NYSE) Freeport-McMoRan – Materials / Copper & Gold Mining 🇺🇸
• $AEM (NYSE / TSX) Agnico Eagle Mines – Materials / Gold Mining 🇨🇦
• $B (NYSE / TSX) Barrick Mining Corporation – Materials / Gold & Copper Mining 🇨🇦
• $WPM (NYSE / TSX) Wheaton Precious Metals – Materials / Streaming 🇨🇦
• $CCJ (NYSE / TSX) Cameco Corporation – Energy / Uranium 🇨🇦
Earnings – Energy
• $OXY (NYSE) Occidental Petroleum – Energy / Oil & Gas E&P 🇺🇸
• $DVN (NYSE) Devon Energy – Energy / Oil & Gas E&P 🇺🇸
• $FANG (NASDAQ) Diamondback Energy – Energy / Oil & Gas E&P 🇺🇸
Earnings – Other
• $GOOGL (NASDAQ) Alphabet / Google – Communication Services / Tech 🇺🇸
• $PG (NYSE) Procter & Gamble – Consumer Staples 🇺🇸
• $MRK (NYSE) Merck & Co – Healthcare / Pharma 🇺🇸
• $INTC (NASDAQ) Intel – Technology / Semiconductors 🇺🇸
• $CMCSA (NASDAQ) Comcast – Communication Services / Media 🇺🇸
• $AAL (NASDAQ) American Airlines – Industrials / Airlines 🇺🇸
• $TMUS (NASDAQ) T-Mobile US – Communication Services / Telecom 🇺🇸
• $LHX (NYSE) L3Harris Technologies – Industrials / Defence 🇺🇸
• $SNY (NASDAQ) Sanofi – Healthcare / Pharma 🇫🇷
Friday, April 24 / Saturday, April 25
Economic Events
• 01:30 🇯🇵 Japan CPI (March)
• 08:30 🇺🇸 US GDP Advance Estimate Q1 2026
• 08:30 🇺🇸 PCE Price Index (March)
• 10:00 🇺🇸 University of Michigan Consumer Sentiment Final (April)
• Tentative 🇯🇵 Bank of Japan Policy Decision & Statement
Earnings
• $ABBV (NYSE) AbbVie – Healthcare / Pharma 🇺🇸
• $CL (NYSE) Colgate-Palmolive – Consumer Staples 🇺🇸
• $SLB (NYSE) SLB (Schlumberger) – Energy / Oilfield Services 🇺🇸
That’s it for now. Stay safe out there!
Kacper Piotr Kaminski, Cerlogic Markets Research – intel.cerlogic.com