Failed smog test trouble code p0732

I think your transmission is slipping.

Probably very dirty ATF causing bad operation. Drain and refill 3.75 qts ATF. Drive a day or three, then check fluid color again. If pink, and code doesn't recur, leave alone. If dirty, drain and refill again (do NOT reverse-FLUSH as you'll make things worse!). If there's more than a 2 sec delay between D or R selection and empowerment then it's a bit too late and your transmission's internal seals have shrunk, reducing internal pressure. Adding a bottle of trans stuff with "seal conditioner" may indeed help, but don't overdo it. The seal expansion may increase pressure toward normal running, but can turn the rubber seals into gummy puffy donuts eventually. Rebuilders HATE seeing this. Doesn't matter, as your 4EAT shouldn't get rebuilt anyway. Just replace with a used one with clean fluid in it and keep fingers crossed. Note that Trans-X can be used to reduce stiction in rear transfer case, but that's apparently NOT your problem. Your old dirty inner seals have aged out, shrunken, and perhaps even cracked. Good luck. Good luck.