Since 1982, the
Friday of monthly options expiration week has a bearish bias for DJIA declining
22 times in 39 years with two unchanged years, 1991 and 1995. On Friday the
average loss is a significant 0.28% for DJIA and 0.29% for S&P 500.
NASDAQ’s record is even weaker, down 24 of 39 years with an average loss of 0.43%.
DJIA posts the best full-week performance, up 24 of 39 with an average 0.41%
gain. The week after options expiration leans bearish for S&P 500 and
NASDAQ over the longer-term with average losses. In recent years the track
record had been improving until 2015’s across the board, greater than 2% loss.