Another effect is also taking place: Fridays and Mondays tend to alternate direction. Thus, over this period of time (n=42 weeks):
- When Friday is up (n=25), Monday is down 75% of the time.
- When Friday is down (n=17), Monday is up 65% of the time.
In an uptrend, beware of down Fridays.
Even more so, in a downtrend, look for a strong close on Friday for a possible start to a reversal.