February’s option expiration day has been down more often than not over the past 27 years with an average loss of 0.23% for S&P 500. Despite a bumpy finish, expiration week as a whole has fared better, netting an average gain of 0.40% on the S&P 500 since 1994 with 17 of 27 winning weeks. More recently, S&P 500 has advanced in twelve of the last fifteen options expiration weeks. The week after however, has been down 14 of the last 17 years. It was the week after monthly options expiration last year when the market began to respond negatively to the rapidly developing global pandemic. All three indexes lost over 10% in the week with DJIA declining the most, off 12.36%.