Up until the end of April, S&P 500 was enjoying one of its best starts to a year since 1987.
Daily gains were commonplace and spread throughout the trading week. However, Friday (or the last trading day of the week when Friday is a holiday) has enjoyed the greatest and most consistent gains so far this year (as of May 10, 2019 close). DJIA(NYSEARCA:DIA), S&P 500(NYSEARCA:SPY), NASDAQ(NYSEARCA:QQQ) and Russell 2000 (NYSEARCA:IWM) have all averaged over 0.50% on the last trading day of the week. S&P 500 and Russell 2000 have been up 16 of 19 (84.2%) last trading days of the week. Even last Friday produced gains as tariffs were implemented. Should this track record of strength on Friday begin to fade, the overall market could soon follow as it would be a clear signal that risk appetite is declining.