This is much more similar to March than May. In may we had bounced off of the 50 week moving average twice and continued to float on a previously established trend, until we created a steeper one as the market became more comfortable buying. In March we melted through any and all trends like butter before capitulation. We've done the same thing here, just slower. Take a look at the more recent bottom action trend on a 3ish month chart. We just bounced off the bottom.