For most of us, Monday is the worst day of the week, but for the Nasdaq lately, it doesn’t get any better than Monday. The chart below shows the S&P 500’s performance on Mondays since the closing low for the S&P 500 on 3/23. On that day, the S&P 500 fell a pedestrian 0.3%. Since then, Mondays have been a blockbuster. In the 19 weeks between 3/23 and today, the S&P 500’s average gain on Mondays (or Tuesday if Monday was a holiday) has been 1.4% with only two declines. Not only that, but on 13 of those Mondays, the S&P 500 has been up over 1%, including eight of the last nine heading into this week. On a cumulative basis, half of the Nasdaq’s entire gain off of the March 23rd lows was from Monday alone. With the Nasdaq down half of a percent so far today, the magnitude of the decline isn’t all that notable but relative to other Mondays recently, it stands out like a sore thumb.
(Click on image to enlarge)
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