Mortgage approvals are a good indicator of short term trends in the property market, and have risen this year in line with recovery in completed sales.

BBC: Strong rise in mortgage approvals

It maintains the mechanical aspects of Sell in May, avoiding emotional input, but incorporates a simple and well-known short-term technical indicator, MACD, to identify whether the market is still in correction mode when the entry date arrives in the fall, and whether it is still in rally mode when the calendar exit date arrives in the spring.

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It should be noted that even if the December lows were broken, the long-term positive action of the on-balance volume (OBV) indicator would still keep my long-term trend analysis positive.

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