Weekend Report for Monday, April 13, 2026
Bottom Line:
The US stock indices have rallied strongly over the past two weeks and several of them have reached important KRAs (Key Reference Areas) that is potential resistance. It is difficult to draw any high confidence conclusion about immediate future price action because the indices (actually all markets) are tethered to the current situation in Iran.
Even factoring in a market favorable resolution to the Iran situation, the indices, and in particular the SPX and NDX, have rallied at a rate of change to the upside off of the March 30 that is unsustainable and likely to soon result in at least some retracement and a few days of Balance.
PDF: Weekend Report_2026_04_12
VIDEO: https://youtu.be/uUxOy_P7OWE
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Internals
The NYSE cumulative advance/decline is again trading at ATHs. I have said many times that I do not recall a major bear market beginning when the NYSE cumulative A/D line is at an ATH.
SPX
The SPX has reached the lower extreme of a significant HVN (high volume node). It is only 2.38% from a new ATH.
NDX
The NDX is above a significant HVN, but is trading in another KRA consisting of several prior highs.
DOW
The DOW is lagging a bit.
NYA
RSP
RUT
The RUT is in a similar position as the SPX.
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US Dollar – Daily
Testing a downside KRA.
US 10-yr Notes – Daily
No change: Notes are trending lower. There is no evidence of a low of significance, yet.
Gold
Between levels.
Crude – Daily
No change:
What crude does on a day-to-day basis is a complete guess and entirely dependent on the situation with Iran.
Bitcoin
Multi-month Balance.
