MacroMornings®
Macro Asset Dashboard
Free

Updated as of May 10th, 2026

+11.40%

From inception

OCT 1, 2025

vs S&P 500+12.90%

Outperformance -1.50 pt

“Peaked at 115.08 in late February. March correction tested conviction. Spring recovery underway.”

Index trajectory

Normalized to 100 · Weekly close

Macro Mornings IndexS&P 500

Latest reading

111.40

+1.27% W/W

Peak

115.08

Feb 6 · Week 5

Max drawdown

-7.24%

vs S&P 500 -10.01%

Asset Dashboard

Cross-asset macro view · Weekly outlook

Sentiment & Dollar

VIX

17.2

Entrenched Complacency · 69% Concentration Footprint · Pre Pullback Hedge

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Sentiment & Dollar

US Dollar Index

+1.1%

98 Trendline Test · 1968 1971 Mirror · Fed Treasury Buying

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Equities & Growth

Emerging Markets

+23.5%

M2 Expansion Beneficiary · 34pp Outperformance Band · Rotation from AI Concentration

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Equities & Growth

Developed Markets

+8.8%

Rotation from US Tech · Currency Tailwinds EUR JPY · Relative Value ex Concentration

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Equities & Growth

S&P 500

+8.1%

Tactical Constructive Structural Cautious · Cleanest Concentration Since 1972 · Implied Return Minus 0.4%

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Equities & Growth

NASDAQ

+15.8%

69% Rally from 10 Stocks · March 2000 Correlation Fingerprint · 35% Unprecedented Weight

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Inflation & Commodities

Crude Oil WTI

+93.2%

Mirrors 1971 Underinvestment · More Accommodative Than Burns · 60 Months Above 2%

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Inflation & Commodities

Commodities

+35.5%

13 Year Breakout 142.25 · Never an Exception 50 Years · Highest Conviction Structural

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Inflation & Commodities

Gold

+9.5%

Cleanest Expression Desk · Parallel Reserve Currency · 100% Prior Cases 15%

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Inflation & Commodities

TIPS

+1.4%

60 Consecutive Months Above 2% · Structural Floor Reset Higher · Textbook Breakeven Expansion

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Inflation & Commodities

Short / Intermediate Treasuries

-0.6%

Fastest Steepening Since 1989 · Front End Reprices First · Cleanest Defensive Carry

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Inflation & Commodities

TLT

-1.2%

EPS Upgrades Push Yields · Commodity Inflation Bearish Duration · 1973 1982 Minus 2.6%

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Real Estate & Income

REITs

+9.2%

Balance Sheet Quality Story · Data Centers AI Capex · 4.31% Direct Headwind

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Disclaimer

This material is provided for informational and educational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any financial instrument. Nothing contained herein should be interpreted as investment advice, financial advice, or a guarantee of future results. Forecasts and opinions are illustrative and subject to change without notice. Investors should conduct their own research or consult a licensed financial advisor before making investment decisions. The author accepts no liability for any losses arising from the use of this information.