Day of the Week Studies

Based on the day of the week, I studied how often

1)  today’s close was higher than yesterday’s close

2) today’s close was higher than today’s open

3) the high – open was greater than the open – low of today

I was just looking at occurrences, not the magnitude of the move.

I looked at the last 2000 days and 251 days of IWM.

current close > previous current close > open high-open > open-low
last 2000 IWM last 251 IWM last 2000 IWM last 251 IWM last 2000 IWM last 251 IWM
Monday 53% 66% 48% 53% 49% 51%
Tuesday 54% 44% 53% 54% 51% 48%
Wednesday 56% 56% 57% 52% 52% 58%
Thursday 49% 41% 47% 41% 45% 33%
Friday 54% 57% 49% 55% 43% 37%

As has been noted elsewhere, Monday’s close has been higher than Friday’s close 66% of the time this year, which contrasts to slightly more than 50% of the time for the last eight years.  In the other direction, the intraday move direction is pronounced downward on Thursday’s, the current year had only 33% with a larger up move then down move.  Friday’s not too far behind at 37%, but the Friday’s more often closed above the open, so there seems to be some recovery from intraday weakness.

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