John Murphy's framework for reading the relationships among stocks, bonds, currencies, and commodities. A way to surface the macro conversation that single-chart analysis cannot hear.
Intermarket Analysis was systematised by John J. Murphy in his 1991 book Intermarket Technical Analysis (revised in 2004 as Intermarket Analysis). The framework begins from a single premise: financial markets do not move in isolation.
Murphy, who spent decades as CNBC's chief technical analyst, observed that the four major asset classes — stocks, bonds, currencies, and commodities — move in patterns of predictable relationship with one another. A spike in oil filters into inflation expectations months later, which pushes bond yields up, which weighs on equity valuations. The markets are in conversation through macro capital flows.
The point of Intermarket Analysis is not to predict any single market in isolation, but to surface the macro themes that single-chart analysis cannot hear. It supplies a method for asking: is the move I am seeing part of a fundamental flow, or only technical noise?
The Esoteric Volumes · By Application
Capital, discipline, psychology. The chapters that sit behind technique describe the bone-work that keeps an operator in the market for years. Access requires a written application, reviewed by hand.