Unexpected selling into medium term buy level

There were much more selling than I anticipated in the past week. So much that the major indexes are now within +1% of their 200 day moving average. The last two years the longest they went without touching their 200dma were over 10 months but looking at the chart has the SP500 just almost 5 months. So this year got the usual "Sell in May, go away" in anticipation of buying back in October? Or the selling is setting up for a summer rally? Each year there are usually one to three medium term buy signals, the current selling of the past month has set up the first medium term buy signal of the year. For the near term, if there are more selling then the 200dma (the red line) should provide major support.