SPY Start of Year

I was looking at the behavior of the first day of the year trading vs the prior end of the year close for SPY, and was surprised that all except one time since 1994 (in 1996) the new year opening price was higher than or the same as the end of year close, and all times the high of the day was higher than the prior year close, using Yahoo historical data for SPY.  This is not saying the close of the first day is higher, in fact about half of the time the new year close was lower than the prior year end.

new year open high close prior close open – prior close high – prior close
1/3/1994 46.59 46.66 46.47 46.59 0.0% 0.2%
1/3/1995 45.70 45.84 45.78 45.56 0.3% 0.6%
1/2/1996 61.41 62.14 62.14 61.48 -0.1% 1.1%
1/2/1997 74.37 74.37 74.03 73.84 0.7% 0.7%
1/2/1998 97.31 97.66 97.56 97.06 0.3% 0.6%
1/4/1999 123.37 125.22 123.03 123.31 0.0% 1.5%
1/3/2000 148.25 148.25 145.44 146.88 0.9% 0.9%
1/2/2001 132.00 132.16 128.81 131.19 0.6% 0.7%
1/2/2002 115.11 115.75 115.53 114.30 0.7% 1.3%
1/2/2003 88.85 91.30 91.07 88.23 0.7% 3.5%
1/2/2004 111.74 112.19 111.23 111.28 0.4% 0.8%
1/3/2005 121.56 121.76 120.30 120.87 0.6% 0.7%
1/3/2006 125.19 127.00 126.70 124.51 0.5% 2.0%
1/3/2007 142.25 142.86 141.37 141.62 0.4% 0.9%
1/2/2008 146.53 146.99 144.93 146.21 0.2% 0.5%
1/2/2009 90.44 93.44 92.96 90.24 0.2% 3.5%
1/4/2010 112.37 113.39 113.33 111.44 0.8% 1.7%
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