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In recent years, Labor Day has become the unofficial end of summer and the three-day weekend has become prime vacation time for many. Business activity ahead of the holiday was more energetic in the old days. From 1950 through 1977 the three days before Labor Day pushed the DJIA higher in 23 of 28 years.
However, since then the days leading up to the long weekend have become less bullish. In the last 21 years, Friday has been the weakest on average with declines across all four indexes. Wednesday however, has outperformed over the years with DJIA, S&P 500, NASDAQ, and Russell 2000 all up two-thirds of the time or better. Average gains on Wednesday range from 0.38% by DJIA to 0.69% by Russell 2000.
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Image and article originally from jeffhirsch.tumblr.com. Read the original article here.