No Love For Monday... Yet

by: Bespoke Investment Group

The table and chart below is an update of a post we did last week summarizing the daily performance of the S&P 500 by day so far this year. Last week at this time, the S&P 500 was looking like it was going to finally break the streak of down Mondays in 2013. By late morning, though, the green had turned to red, and not only did the S&P 500 finish down, but it also had its worst day of the year. With that decline, the index has averaged a decline of 0.61% on Mondays so far in 2013, making it the only day of the week where the index has averaged a decline this year.

While Mondays are weak, Tuesdays and Fridays have been pretty good so far this year. On Fridays, the S&P 500 has averaged a gain of 0.44% with positive returns more than 75% of the time. Tuesdays are nearly just as good (0.41%), but even more consistent. After a 32 basis point decline on the first Tuesday trading day of the year, the S&P 500 has been up for seven straight Tuesdays. While pre-market futures are trading lower on the day now, bulls are hoping that just as the S&P 500 reversed lower last Monday, maybe it will reverse higher this Monday.

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