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When the S&P500 falls sharply just ahead of quarterly options expiration, it often leads to further short-term selling. Over 18 occurrences since 1990, the S&P was higher one day later only 4 times…

SPX -1%, One-Month Low One Day Before OpEx
01/20/22… SPX ??? next session
12/20/18… SPX -2.1% next session
08/17/17… SPX -0.2% next session
08/20/15… SPX -3.2% next session
08/15/13… SPX -0.3% next session
06/20/13… SPX +0.3% next session
05/17/12… SPX -0.7% next session
08/19/10… SPX -0.4% next session
05/20/10… SPX +1.5% next session
02/19/09… SPX -1.1% next session
11/20/08… SPX +6.3% next session
01/17/08… SPX -0.6% next session
04/14/05… SPX -1.7% next session
09/19/02… SPX +0.3% next session
07/18/02… SPX -3.8% next session
06/20/02… SPX -1.7% next session
09/20/01… SPX -1.9% next session
06/14/01… SPX -0.5% next session
08/16/90… SPX -1.4% next session

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