This week in the market saw only small sideways movements dropping 57 points over the 5 day period. Those reading last weeks technicals will notice that we are sitting on the low 4900’s decision point. We could see one of 2 things from the XJO this week – either the prices will fall through the 4900 level and head down towards the 4700 level or it could bounce off this support and head back towards the 5150 level. Either way, we may be in for a wild week.
For the saying “stay away in May” was absolutely correct, the market dropping around 5% from the months open.
From the sector view, the latter part of May saw increases in materials, energy, industrials, infotech and healthcare. All other sectors came down in value.