"Sell in May and go away": last three years indicate downturn

The trend of last May's highs indicate that this year's May downturn might be dramatic. The May highs in the ongoing downtrend would decline for three years in a row if the white trend line is maintained. The very close August heights set a second resistance to break even if the white trend line is broken. Macro-economics and moving averages indicate a downturn instead, following more or less a Shoulder-Head-Shoulder pattern.

The adage "sell in may and go away" indicates a generally lower-performing stock market in the summer months between May and October, but, statistically, there is no proof for that. This analysis holds up only in the ongoing downtrend, but the antagonal scenario clearly is the latest resistance around 260, confirmed already two times on the MA200 line.