I have a 96 explorer is there a release valve on the top of the automatic trans

What is your question?

My transmission is blowing tranny fluid out of the top of the transmission , I located where it is coming out from and there is a small round button or cap about 1/2 in in diameter and about 5/8 in high and seems to be spring tensioned . Is this some kind of valve or pressure release ?

How long has your 1996 Ford Explorer had this problem?

since I had to change a bad rear tire 3 days ago