This was published 6/2/2009 in the Sentiment’s Edge by Jason Goepfert. The return June first was 2.4% from 925 to 947.7 close to close. Seven days later the SP500 was 944 down 0.39%. If you go out to 6/15/2009 the index lost another twenty points. Not a bad predictor.
The S&P 500 just scored its largest gain on the first day of a new month since January.
Below are the other times the S&P 500 futures (since 1982) managed to close the first day of a new month higher by +2.5% or more. Also included is the return over the next 7 trading days…not quite as euphoric as the initial thrust.
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