SPY intraday moves by day of the week

I was curious about the relationship between the intraday move (close – open)  vs day of the week for the SPY.  Since 1994, there is a very small bias that the close will be higher than the open:

intraday
51% Monday
52% Tuesday
54% Wednesday
51% Thursday
49% Friday

When looked in chunks of 500 days, there is a fairly wide range.  In the table below, the columns are the month dates of 500 trading days, so Monday 9/10 means for the Mondays approximately between 10/1/2008 and 9/30/2010, 59% were up intraday.

month end 9/10 9/08 9/06 9/04 9/02 9/00 10/98 10/96 10/94
Monday 59% 45% 45% 49% 57% 51% 45% 57% 58%
Tuesday 49% 56% 50% 65% 43% 39% 59% 52% 46%
Wednesday 51% 57% 63% 57% 49% 51% 56% 47% 57%
Thursday 58% 55% 54% 50% 48% 49% 44% 51% 42%
Friday 57% 40% 48% 46% 46% 50% 53% 55% 45%

graphically:

I don’t think this provides much of a trading edge.

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