A Market Top At the Last Moment?

 4/22/2026

This is a 30 minute chart of the Dow Transports, a short time frame to show the dramatic reversal.

Perhaps the most successful market letter writer was Richard Russell, of the Dow Theory. He used to write, me I am going with the Dow Theory, the Transports and Industrials must confirm one another.  

Industrials have not bettered their early February peak at  50,512 . Transports made a new high unconfirmed by the Industrials. If i fact a high is finally here it will be one of the most dramatic turn arounds in market history.

Avis as  a price weighted stock led the Transports down, Avis posted a one billion dollar loss this past year. It clearly has been a MEME stock, betting on a loser by small investors. I wonder how many more Avis stocks are out there?

Industrials

 RSI at top is falling, PMO at bottom has turned over, this looks like a very interesting week.

Peter O'toole had the distinction of being the most nominated but never winning Academy Awards guy.

I feel a lot like Peter after calling so many market tops this year. 

As Peter said, don't give up on me!

More tomorrow