Technical Indicator: Following the U.S. markets' worst May since 1940, the Standard & Poor's 500 Index is trying to rally to start June.

The upturn follows a failed test of the S&P's 200-day moving average last week, and all trends technically point lower until this area is reclaimed.

The S&P 500's (SPX 1,071, -18.70, -1.72%) hourly chart details the past three weeks.

As illustrated, the S&P stalled just under its 200-day moving average last week before pulling in from resistance.

Looking ahead, the 1,090 area marks a near-term inflection point, while significant resistance holds at the 200-day, currently 1,105. (more)