Markets Update – April 27, 2026
Covering Equities, Forex, Metals, Energy, Treasuries, and Agriculture
“If I am bullish, I neither buy on a reaction, nor wait for strength; I am already in. I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit. Being bullish and not being long is illogical.”
Ed Seykota
His interview in Market Wizards, by Jack D. Schwager, 1989
This week I want to talk about the feelings we carry when holding a position, and perhaps even more so, the ones we carry when we hold nothing at all. There is the shift that happens the moment we buy or sell. It is really quite profound when you think about it.
We tend to get bearish on rallies we did not participate in, or we stay bullish simply because we own something, even as it heads lower. The position itself changes how we see the market. These are well-known traps, but knowing about them does not make it is easier to avoid them.
So, how do we stay objective?
Having a systems helps, but even the most disciplined ones do not remove emotions from the equation, even the best ones are ultimately discretionary at some level. After all, we choose where to participate, when to step back and look for other opportunities.
Some people suggest removing emotions from investing and trading, entirely. I do not think that is possible, and I am not sure it would help if it were. What Seykota would say is something more useful: experience these feelings, understand them. That is what stops you from acting on them.
There is a story about Druckenmiller worth remembering here. One of the most celebrated macro allocators of his generation, someone who had seen every cycle. At the peak of the dot-com bubble, the pain of not participating became too much. He bought in at the top, and what followed was a loss measured in hundreds of millions. When asked what he learned, his answer was simple: nothing. He said he had known all along that he should not have done it.
That is the honest version of what these feelings can do. It is not a story about not knowing. It is a story about knowing and doing it anyway, because the feeling was louder than the process.
It really helps to experience and not to suppress emotions, not to deny them and act like they don’t bother you. Name what you are feeling plainly, write it down. Once you can see it clearly, the right thing to do tends to become obvious. The feeling does not go away, but it loses its grip on the decision.
That sets the tone for this week, hopefully not too long. This is update number eighty-four, 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, intel.cerlogic.com
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
• FTSE 100 – UNITED KINGDOM: uptrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• NONE
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
• JPY/USD – JAPANESE YEN: sideways ➝ downtrend
• CAD/USD – CANADIAN DOLLAR: downtrend ➝ uptrend
• ZAR/USD – SOUTH AFRICAN RAND: uptrend ➝ sideways
• AU/USD – GOLD: uptrend ➝ downtrend
• INR/USD – INDIAN RUPEE: sideways ➝ downtrend
• SGD/USD – SINGAPORE DOLLAR: uptrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• EUR/USD – EURO: sideways ➝ uptrend
• GBP/USD – BRITISH POUND: sideways ➝ uptrend
• CAD/USD – CANADIAN DOLLAR: downtrend ➝ uptrend
• KRW/USD – SOUTH KOREAN WON: sideways ➝ downtrend
• SEK/USD – SWEDISH KRONA: sideways ➝ uptrend
COT CHANGES SINCE LAST WEEK
• CAD/USD – CANADIAN DOLLAR: positive ➝ 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: uptrend ➝ sideways
• PLATINUM – UNITED STATES: uptrend ➝ sideways
• PALLADIUM – UNITED STATES: uptrend ➝ downtrend
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• NONE
COT CHANGES SINCE LAST WEEK
• LEAD – LME, UNITED KINGDOM: neutral ➝ positive
$SI / $SLV / $PSLV $PL / $PPLT $PA / $PALL HG 0.00%↑
Highlight for the week, shown below. 👇
ENERGIES
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• CRUDE OIL – UNITED STATES: downtrend ➝ sideways
• GASOLINE – UNITED STATES: sideways ➝ uptrend
• COAL – NEWCASTLE, AUSTRALIA: downtrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• NONE
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: sideways ➝ downtrend
• 5-YEAR T-NOTE – UNITED STATES: sideways ➝ downtrend
• 10-YEAR T-NOTE – UNITED STATES: sideways ➝ downtrend
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: sideways ➝ downtrend
• COFFEE C – UNITED STATES: downtrend ➝ sideways
• COCOA – UNITED STATES: sideways ➝ uptrend
• CORN – UNITED STATES: downtrend ➝ uptrend
• SOYBEAN MEAL – UNITED STATES: uptrend ➝ downtrend
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• LUMBER – UNITED STATES: sideways ➝ uptrend
COT CHANGES SINCE LAST WEEK
• ORANGE JUICE – UNITED STATES: neutral ➝ negative
• COCOA – UNITED STATES: neutral ➝ positive
• WHEAT – UNITED STATES: negative ➝ neutral
• CORN – UNITED STATES: negative ➝ neutral
$CT $OJ $KC $SB $CC $LBR $ZW $ZC $ZR $ZS $ZL $ZM $RS $LE $GF $HE
Highlight for the week, shown below. 👇
Below you can find the summary of upcoming economic events and earnings.
Economic Events & Earnings Calendar – April 27 – May 2, 2026
Monday, April 27
Economic Events
• 08:30 🇺🇸 Durable Goods Orders (March) – Final
• 10:00 🇺🇸 Pending Home Sales (March)
• 10:30 🇺🇸 Dallas Fed Manufacturing Index (April)
• All Day 🇯🇵 Japan Retail Sales (March)
• FOMC meeting begins (two-day, decision Tuesday)
Earnings
• $VZ (NYSE) Verizon Communications – Communication Services / Telecom 🇺🇸
• $WM (NYSE) Waste Management – Industrials / Environmental Services 🇺🇸
Tuesday, April 28
Economic Events
• 08:30 🇨🇦 Canada GDP (February)
• 09:00 🇪🇺 Euro Area GDP Flash Estimate Q1 2026
• 09:00 🇩🇪 Germany GDP Flash Estimate Q1 2026
• 09:00 🇫🇷 France GDP Flash Estimate Q1 2026
• 10:00 🇺🇸 Consumer Confidence (April) – Conference Board
• 10:00 🇺🇸 JOLTs Job Openings (March)
• 14:00 🇺🇸 FOMC Rate Decision & Statement – Press conference 14:30 ET
Earnings
• $KO (NYSE) Coca-Cola – Consumer Staples / Beverages 🇺🇸
• $V (NYSE) Visa – Financials / Payments 🇺🇸
• $GM (NYSE) General Motors – Consumer Discretionary / Autos 🇺🇸
• $UPS (NYSE) United Parcel Service – Industrials / Logistics 🇺🇸
• $SBUX (NASDAQ) Starbucks – Consumer Discretionary / Restaurants 🇺🇸
• $BP (NYSE / LSE) BP – Energy / Integrated Oil & Gas 🇬🇧
• $SNY (NASDAQ) Sanofi – Healthcare / Pharma 🇫🇷
• $PFE (NYSE) Pfizer – Healthcare / Pharma 🇺🇸
Wednesday, April 29
Economic Events
• 08:30 🇺🇸 PCE Price Index (March) – Fed’s preferred inflation gauge
• 08:30 🇺🇸 Employment Cost Index Q1 2026
• 08:30 🇺🇸 Personal Income & Spending (March)
• 09:45 🇺🇸 Chicago PMI (April)
• All Day 🇯🇵 Japan Industrial Production (March)
Earnings – Big Tech
• $META (NASDAQ) Meta Platforms – Communication Services / Social Media & AI 🇺🇸
• $MSFT (NASDAQ) Microsoft – Technology / Cloud & AI 🇺🇸
• $GOOGL (NASDAQ) Alphabet / Google – Communication Services / Search & AI 🇺🇸
• $AMZN (NASDAQ) Amazon – Technology / Cloud, E-Commerce & AI 🇺🇸
Earnings – Other
• $CAT (NYSE) Caterpillar – Industrials / Mining & Construction Equipment 🇺🇸
• $MA (NYSE) Mastercard – Financials / Payments 🇺🇸
• $QCOM (NASDAQ) Qualcomm – Technology / Semiconductors 🇺🇸
• $ADP (NASDAQ) Automatic Data Processing – Technology / HR Software 🇺🇸
• $ALB (NYSE) Albemarle – Materials / Lithium & Specialty Chemicals 🇺🇸
• $MOS (NYSE) The Mosaic Company – Materials / Fertilizers & Phosphate 🇺🇸
Thursday, April 30 – May Day Eve
Economic Events
• All Day 🇩🇪 🇫🇷 🇮🇹 Many European markets closed for May Day holiday
• 08:30 🇺🇸 Initial Jobless Claims (Week ending Apr 25)
• 10:00 🇺🇸 ISM Manufacturing PMI (April)
• 10:00 🇺🇸 Construction Spending (March)
Earnings – Energy
• $XOM (NYSE) ExxonMobil – Energy / Integrated Oil & Gas 🇺🇸
• $COP (NYSE) ConocoPhillips – Energy / Oil & Gas E&P 🇺🇸
• $EOG (NYSE) EOG Resources – Energy / Oil & Gas E&P 🇺🇸
• $OXY (NYSE) Occidental Petroleum – Energy / Oil & Gas E&P 🇺🇸
Earnings – Other
• $AAPL (NASDAQ) Apple – Technology / Consumer Electronics & AI 🇺🇸
• $LLY (NYSE) Eli Lilly – Healthcare / Pharma 🇺🇸
• $AMGN (NASDAQ) Amgen – Healthcare / Biotech 🇺🇸
• $MCD (NYSE) McDonald’s – Consumer Discretionary / Restaurants 🇺🇸
• $NTR (NYSE / TSX) Nutrien – Materials / Fertilizers & Potash 🇨🇦
Friday, May 1
Economic Events
• 08:30 🇺🇸 Nonfarm Payrolls (April) – most watched labour market release
• 08:30 🇺🇸 Unemployment Rate (April)
• 08:30 🇺🇸 Average Hourly Earnings (April)
• 10:00 🇺🇸 ISM Services PMI (April)
• 01:30 🇯🇵 Japan Unemployment Rate (March)
Earnings – Energy & Materials
• $CVX (NYSE) Chevron – Energy / Integrated Oil & Gas 🇺🇸
• $SHEL (NYSE / LSE) Shell – Energy / Integrated Oil & Gas 🇬🇧
• $SLB (NYSE) SLB (Schlumberger) – Energy / Oilfield Services 🇺🇸
Earnings – Other
• $ABBV (NYSE) AbbVie – Healthcare / Pharma 🇺🇸
• $AON (NYSE) Aon – Financials / Insurance & Risk 🇬🇧
That’s it for now. Stay safe out there!
Kacper Piotr Kaminski, Cerlogic Markets Research – intel.cerlogic.com