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"It's Still Early."

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Macro Charts
May 20, 2026
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The #1 rule of markets:

✅ Price makes the news.

✅ First the market runs, THEN come the storytellers.

✅ The bigger the move… the bigger the story.

After a historic April rally… the calendar flipped to May, and right on cue, some extreme narratives are on full display.

The one to rule them all:

“It’s still early.”

In this report…

✅ Let’s talk about the price paths from here.

✅ As promised: our Top candidate basket for a key theme we’ve been studying.

✅ This theme is so important that it merits a separate, dedicated report.

Have a nice day ahead!

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