SPX Monthly Charts

This page was constructed to demonstrate the different meanings of a month. Normally you view charts on a calendar basis. This means that the year begins on January 1 and ends on December 31 and each Month starts on the first. However, the dramatic increase in the option market's size now influences the monthly flow of money and dictates a new monthly cycle based on the third Friday of the Month - option expiration. If that weren't enough to consider, think about the influence of the "Lunar cycle" - Full Moon. Below are charts that all use the same SPX daily prices and trading volume but are constructed using different definitions for the month's beginning and end. In addition, the scaling was intentionally set to be same for easy comparison between charts.

Below is a chart based on a Calendar Month. This is a long term monthly chart.

Below is a chart based on a Calendar Month for the past 3 years.

Below is a monthly chart of the SPX (SP500 cash index) on an option expiration basis. The information is still from the SPX prices and daily stock volume and not from SPX options. The difference between this chart and a normal monthly chart is that the high, low, and close are determined by the range of prices and daily volumes from the day after option expiration to the following option expiration. The first day of the option month is the fourth Monday of the previous month and the last day of trading for each of these months is the third Friday of the Month, or the previous business day if that Friday is a holiday. For more details click OEX Charts and Long Term Perspective .

Below is a chart based on the Full Moon Month. The last trading day is on the day of the full moon. Like the option calendar, these bars are created starting with the day after a full moon and it closes on the date of the next full moon.

Below is a chart based on the New Moon Month. The last trading day is on the day of the new moon.

Below is a chart based on the First Quarter Moon Month. The last trading day is on the day of the first quarter moon.

Below is a chart based on the Last Quarter Moon Month. The last trading day is on the day of the last quarter moon.