S&P 500 2% Up Days: What Happens Next?

Below we highlight the average returns of the S&P 500 on the day and week following a one-day move of 2% or more.  While the average next-day change on a 2% up day since 1945 is 0.33%, during the current bull market, the next day change has been just 0.02%.  Over the next week, however, the average change in the S&P 500 has been 0.57% during the current bull.  While many might expect a bit of a reversal on the day following big gains, there is actually a slightly positive bias.