There's 2 ways of looking at "sell in May and go away".
1. You can look at all the years in the past. The odds of the market going up vs. down are 50-50. "sell in May and go away" isn't consistently bearihs
2. You can look at all these cases in which the stock market first fell from January - April. Same result. May-September not consistently bearish
https://bullmarkets.co/study-sell-in-may-and-go-away-when-stocks-are-down-ytd/
1. You can look at all the years in the past. The odds of the market going up vs. down are 50-50. "sell in May and go away" isn't consistently bearihs
2. You can look at all these cases in which the stock market first fell from January - April. Same result. May-September not consistently bearish
https://bullmarkets.co/study-sell-in-may-and-go-away-when-stocks-are-down-ytd/