Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick). The S&P 500 ended the week on a sour note, dropping -2.37%, which erased about half of yesterday's historic reversal. Ryan points out that the S&P 500 has been habitually weak on Fridays lately. Including today, the index has closed lower on Friday for 5 consecutive weeks now, and 9 of the past 11. Not to mention, the past 4 Fridays have all lost more than 1%! There's nothing predictive about this stat, but it is characteristic of a bear market, and it's a sign of risk aversion among investors. Clearly, nobody wants to be long heading into the weekends this year.
Chart of the Day - Friday, October 14th, 2022
October 14, 2022
