In the 4/12/19 blog I showed a study about US tax day (normally April 15th). The reason tax day may be important is that it is the last day that people can make IRA contributions to count for the previous tax year. This can create a last-minute rush and you will often have an inflow of funds heading into the market right around and on the day taxes are due. Fund managers will often put this money to work immediately and it creates a positive bias for the market. Below I have updated the study.

Futures are struggling in the overnight. Let’s see if this seasonal tendency can turn it around by the close today.

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