SPY Update (weekly)

We struggled once again at the 50% retrace from 2022 low to high, the ABCD points A and C rejected off this important level around 414 to create something akin to a short term double top. I am projecting continued selling to continue to the Gann confluence point around 390 on around June 5, even though technically the RSI (12) weekly is at 53.96. However, the RSI trend is flat. The saying goes, "Sell in May and go away" and the "anomaly has a strong track record.

Take this information from the Book "Market Anomalies", by the founder of Zacks Investment.....

"Using the rule sell on the first trading day in May and buy on
the sixth trading day before the end of October, for the S&P 500 and
Russell 2000 futures indexes for the years 1993–2010, respectively. This
rule did indeed beat a buy-and-hold strategy
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For the S&P 500 a buy-and-hold strategy turns $1 on February 4, 1993,
into $1.96 on December 31, 2010, whereas, sell in May and move into
cash, counting interest (Fed funds effective monthly rate for sell in May)
and dividends for the buy and hold, had a final wealth of $3.73, some
90.7% higher
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...... sell-in-May-and-go-away is superior to buy and hold"

At a minimum, now is not the time to be adding longs....