While volatility is likely to be high this week given Tuesday's Fed meeting, the fact that it's also options expiration week should only add fuel to the fire. Below we highlight the performance of the S&P 500 during options expiration weeks since 2006.
Typically, Wednesdays have the highest overall return with an average gain of 0.25%. Although the average change on Tuesdays is only 0.05%, it is actually the most volatile day of the week. Over the last twenty months, the S&P 500 has had a 1% move nine times (45%).