First of the Month Returns

Given the extensive coverage, most people are aware of how September is typically the weakest month of the year for equities, but does the market typically start out the month on a weak note?  We looked at the average return of the S&P 500 on the first trading day of the month for the last 20 years, and divided the returns by month.  We also color coded the results to highlight the best (green) and worst (red) readings.  While September has been a weak month, it hasn't always started off on a bad note.  Over the last twenty years, the first day of September has averaged a gain of 0.36% with positive returns 70% of the time.  These results rank as the fourth best in terms of performance and tied for the third best in terms of consistency.