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Below we summarize the performance of the S&P 500 during options expiration weeks since the start of 2006. Tuesday is typically the most volatile day of the week, as the S&P 500 has had a move of at least 1% (up or down) in 10 out of the last 22 days (45%).

In terms of average return, Wednesday is the best day for the bulls with an average gain of 0.27% and gains in 17 out of 22 days.

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Source: Options Expiration Week: Tuesday Most Volatile, Wednesday Strongest