The Markets Erupt

 4/17/2026

Here is the weekly SPX chart

 I noticed the SPX peaked a year ago in Feb and fell and went on to a big rally, it peaked this Feb, fell and now  the technicals suggest another rally. RSI at top rallies and PMO is set up to do so. 

NDX NASD TRAN are all hitting new highs, I suspect Charles DOW would modify his theory today to include NDX and or multiple rallies. 

the two hour chart suggests the market is over done short term. 

Indeed, the Mullahs say they will allow passage of the Hormuz,  I say BIG WHUP, Trump squeezed their oil exports and amid a worthless currency and potential riots they had to say something, is that worth anything, yet here we are.

 My expectation of a market top or tops so far has been proven wrong. But market tops occur amid massive positive social mood. I have cited numerous reasons not to be optimistic, see my weekly newspaper column in the previosu post. 

 

 The two hour chart is way over done which one would expect at a market top. Even if we are looking at another multi-month rally, this situation needs a correction. 

More later this weekend.