Following a six-year
streak of strength from 2012 to 2017, the market appears to have returned to
its longer-term trading pattern on the Tuesday following the long Presidents’
Day holiday weekend. S&P 500 has been the weakest on Tuesday, down 6 of the
last 7 with an average loss of –0.63%. DJIA and NASDAQ have one additional
positive day, but their respective average losses exceed S&P 500 at –0.71%
and –0.69%.
Going back to 1990,
Tuesday after Presidents’ Day has been strongest for the S&P 500 with 18
gains and 17 losses with a median gain of 0.07% but with an average loss of –0.30%.
DJIA is slightly weaker on the Tuesday after, but NASDAQ is a net loser down 22
of 35 years with an average loss of –0.57% and a median loss of –0.34%.
Wednesday is all red
for all three major averages. NASDAQ and S&P 500 have more losses, but DJIA
is a loser as well. On the Wednesday after the Presidents’ Day holiday DJIA is
down 18 of 35 with an average loss of –0.10% and a median decline of –0.10%.
S&P 500 is down 21 of 35, average –0.07%, median –0.10% and NASDAQ is down 20
of 35, average –0.11%, median –0.18%.
