PSE Market Update for 22 April 2026 (Gann #07)
Summary
Phil Anderson reports that despite the S&P 500 crossing 7,000 for the first time, market breadth is notably weak — only 12 of the 500 constituents made a new 52-week high on that day, one of the narrowest new-high signals since 1999. He introduces the NYSE A/D line as a key indicator to watch for the stock market peak, drawing parallels with divergences before the 2001 mid-cycle recession and 2008 real estate cycle peak. He reaffirms the 2026 Roadmap’s “red line” scenario: a late-April peak followed by weakness into Q4, with a strong finish in Q4. He also updates the Mexican Pete portfolio (CNX stop hit; DBA stop raised) and watchlists (PFG and AR removed; VTM and HD added).
Key Claims
- 2026-04-22-pse-market-update-gann-07 (2026-04-22): “S&P 500 crossed 7,000 for first time with only 12 constituents at new 52-week highs — one of the narrowest breadth readings on a record high since 1999.” — Phil Anderson — confidence: high
- 2026-04-22-pse-market-update-gann-07 (2026-04-22): “NYSE A/D line divergence from S&P 500 preceded both the 2001 mid-cycle recession (sharp A/D deterioration 2 years early) and the 2008 real estate cycle peak (A/D peaked June 2007, S&P topped October 2007).” — Phil Anderson — confidence: high
- 2026-04-22-pse-market-update-gann-07 (2026-04-22): “Current market breadth is ‘a mixed bag’ — pockets of weakness consistent with Roadmap forecast of a late April peak.” — Phil Anderson — confidence: high
- 2026-04-22-pse-market-update-gann-07 (2026-04-22): “Sticking to original 2026 Roadmap: ‘red line’ scenario favored. US stock markets overall will remain stronger in 2026. Cannot see Fed raising rates as in 1966.” — Phil Anderson — confidence: high
- 2026-04-22-pse-market-update-gann-07 (2026-04-22): “March 2026 low has all the hallmarks of a yearly low: high emotion, front-page news, hard-to-believe rally immediately after.” — Phil Anderson — confidence: high
Notable Quotes
- “When the S&P closed above the 7,000 level for the first time on Wednesday last week, only 12 of the underlying index constituents made a new 52-week high. Since 1999, there have been only five other times when the S&P has made a record high with fewer stocks pushing to new one-year highs.” [Source: Phil Anderson, PSE Gann #07, 2026-04-22]
- “The NYSE A/D line will be something to monitor as we watch for the stock market peak. That’s because diverging action in the NYSE A/D line and the S&P 500 has appeared before some of the biggest prior drawdowns we’ve seen at key turning points during the cycle.” [Source: Phil Anderson, PSE Gann #07, 2026-04-22]
- “I’m sticking to my original Roadmap comments. I’m unable to see the Fed raising rates as happened in 1966. US stock markets overall will remain stronger in 2026. The red line.” [Source: Phil Anderson, PSE Gann #07, 2026-04-22]
Mex Pete / Watchlist Updates
| Ticker | Action | Level | Notes |
|---|---|---|---|
| CNX Resources (CNX) | Stop Loss Hit | — | Potential re-entry if retracement stays small |
| Invesco DB Agriculture Fund (DBA) | Raise Stop | $26.80 | Low end of March trading range; locks in gain |
| Principal Financial Group (PFG) | Remove from Watchlist | — | Erratic since February; no longer Mex Pete setup |
| Antero Resources (AR) | Remove from Watchlist | — | Pullback deeper than ideal for chart setup |
| Victory Metals (VTM) | Add — Australian Watchlist | Above $1.90 | Watch for shallow retracement then breakout |
| Home Depot (HD) | Add — Short Watchlist | Break of $320 | Lower highs from $420 peak; support test |