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Sell in May and Go Away?

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Today SPX put in a twin top at 1597. However, the short term RSI and MACD are showing negative divergences, as seen on the hourly chart, and the stochastic is overbought as well. The second chart shows the summation indexes in the daily timeframe; NY Summation Index as dotted line in the main panel and the NA Summation Index as a solid line in the same view. While the MACD has flashed a buy signal several days ago (vertical green line to the far right), there is overhead resistance as seen by the purple (NY) and yellow (NA) horizontal lines, going back to September-October of 2012. You can also see that recently this spring that the market has traded above these lines, so they are now resistance. And for the past two years, a sell-off has been sparked after May 1. Is a repeat in the works? We should know soon.

Official TSP Site is Blocking Us-break-bdown-jpg

Official TSP Site is Blocking Us-si-jpg

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  1. JimmyJoe's Avatar
    The most beloved rally ever, for my money. Analysts hate it, they got in late or still not at all. Govt is trying to suck it dry, or slow it down. Still it rolls.
  2. mick504's Avatar
    I thought the market was basically staying afloat and rising due to the fed pumping it up; without that...I would think there would be a decline! Presently in cash.

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