Sell in May and go away?

That is a familiar jingle of Wall St. and Main St. and all have heard it. But is it true this time? We got a sell signal yesterday as can be seen on the daily SPY chart below where the background color on the chart turned pink. There is some support at the 116 level where we got down to at the lows today and below that at the big gap that occurred in early March around 114. Fibonacci Retracement lines have been drawn against the latest up wave. A 10% correction would take us to about 110 and anything below that we will have to evaluate at that time and so we will just have to wait and see. Click on chart to enlarge.