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Michael Ashbaugh

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May 1, 2018, 12:28 p.m. EDT

Charting a bearish market backdrop as seasonal headwind (May) kicks off

Focus: U.S. dollar takes flight amid persistent financial sector sluggishness, UUP, XLF, AMD, WUBA, YUMC

By Michael Ashbaugh, MarketWatch

Technically speaking, the major U.S. benchmarks have reached the worst six months seasonally — May through October — against an already bearish-leaning backdrop.

On headline basis, the S&P 500 remains capped by major resistance, while elsewhere, an ominous chart pattern continues to take shape on the Nasdaq Composite.

Link to MarketWatch's Slice.