From the weekly Dow Jones chart; since 2005, there were 4 downtrends and only 3 uptrends for the month of May. If you looked back at the 4 downtrends, you could see the down weekly bar starting in either the 1st week or 2nd week of May. Notice that last Friday close actually started off with a down weekly bar. On top of that, you can see current price action is hovering around the high of May 2nd, 2008 which I see is a major resistance.
In summary, statistically speaking, the odd is in favor of a bearish stance; therefore, be mindful if you are long.
Note: click on the weekly or monthly chart and then click on 1870 x 973 number right above the chart, the chart will expand to a more comfortable viewing size.
Below is the Dow Jones weekly Chart:
Below is the Dow Jones monthly chart:
