What the market does between the month-end as-of date and a third-week release
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-09-20, from FINRA Margin Debt Statistics, Explained.
| month | as_of_label | release_label | sessions_count | spy_change_pct |
|---|---|---|---|---|
| 2024-11 | Nov 29 | Dec 20 | 15 | -1.94 |
| 2024-12 | Dec 31 | Jan 20 | 11 | 1.97 |
| 2025-01 | Jan 31 | Feb 20 | 13 | 1.43 |
| 2025-02 | Feb 28 | Mar 20 | 14 | -4.78 |
| 2025-03 | Mar 31 | Apr 20 | 13 | -5.86 |
| 2025-04 | Apr 30 | May 20 | 14 | 6.94 |
| 2025-05 | May 30 | Jun 20 | 14 | 0.81 |
| 2025-06 | Jun 30 | Jul 20 | 13 | 1.57 |
| 2025-07 | Jul 31 | Aug 20 | 14 | 0.96 |
| 2025-08 | Aug 29 | Sep 20 | 14 | 2.88 |
| 2025-09 | Sep 30 | Oct 20 | 14 | 0.77 |
| 2025-10 | Oct 31 | Nov 20 | 14 | -4.32 |
| 2025-11 | Nov 28 | Dec 20 | 15 | -0.41 |
| 2025-12 | Dec 31 | Jan 20 | 12 | -0.62 |
| 2026-01 | Jan 30 | Feb 20 | 14 | -0.36 |
| 2026-02 | Feb 27 | Mar 20 | 15 | -5.49 |
| 2026-03 | Mar 31 | Apr 20 | 13 | 8.99 |
| 2026-04 | Apr 30 | May 20 | 14 | 3.18 |
| 2026-05 | May 29 | Jun 20 | 14 | -1.3 |
| 2026-06 | Jun 30 | Jul 20 | 13 | -0.57 |
| 2026-07 | Jul 31 | Aug 20 | 14 | 2.12 |
- Rows × columns
- 21 × 5
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
month |
text | 21 distinct values (2024-11, 2024-12, 2025-01…) | |
as_of_label |
text | 16 distinct values (Apr 30, Aug 29, Dec 31…) | |
release_label |
text | 12 distinct values (Apr 20, Aug 20, Dec 20…) | |
sessions_count |
number | 11 to 15 | count |
spy_change_pct |
number | -5.86 to 8.99 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH daily AS
(
SELECT
toDate(toTimeZone(window_start, 'America/New_York')) AS d,
argMax(close, window_start) AS px
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
AND window_start >= toDateTime('2024-11-01 00:00:00')
AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60
+ toMinute(toTimeZone(window_start, 'America/New_York'))) >= 570
AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60
+ toMinute(toTimeZone(window_start, 'America/New_York'))) < 960
GROUP BY d
),
reference_month AS
(
SELECT
toStartOfMonth(d) AS m,
max(d) AS as_of,
argMax(px, d) AS as_of_close
FROM daily
GROUP BY m
),
release AS
(
SELECT
m,
as_of,
as_of_close,
addDays(toStartOfMonth(addMonths(m, 1)), 19) AS release_day
FROM reference_month
)
SELECT
formatDateTime(r.m, '%Y-%m') AS month,
any(formatDateTime(r.as_of, '%b %e')) AS as_of_label,
any(formatDateTime(r.release_day, '%b %e')) AS release_label,
count() AS sessions_count,
round(100 * (toFloat64(argMax(d.px, d.d))
/ toFloat64(any(r.as_of_close)) - 1), 2) AS spy_change_pct
FROM release AS r
CROSS JOIN daily AS d
WHERE d.d > r.as_of
AND d.d <= r.release_day
AND r.release_day < today()
GROUP BY r.m
ORDER BY r.m