The SP futures kicked off the month with the poorest opening day performance since August 2002. For the month of July, the SP futes finished the first day down more than 1% two times: 1982 and 2002. In both cases, the SP ended lower for the month of July.
For today's analog, I looked for similar patterns leading up to the Unemployment report. It's interesting to note the similarity between yesterday's action and the pattern leading up to the release of last month's payroll data. On the day before last month's release, the ND gapped lower, never traded positive, and closed down at least 1.5%. Ditto yesterday! As the chart illustrates, the index reacted positively after the news was released but still finished near the day's lows. Food for thought!
Below is a table summarizing the full results of the Nasdaq query. As always, past performance does not indicate future results.
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