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All of the broad market averages closed the month lower, racking up the worst May performance since 1962. The S&P's close was above the rising 13-month MA, now at 1059, and there is a key band of support now in the 1040-1050 area. If it is convincingly broken, a drop the 38.2% support and the 1000-1010 area becomes likely. The OBV has turned lower, but it is above its WMA and is still positive. A short-term low has not yet been confirmed by the A/D indicators, but could be this week.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
