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Best Time of Day to Sell a Mutual Fund
Overnight gap versus the session that follows, complete yearsranking · 2026-08-22 · 5×3Preview: 5 ranked values, smallest first. How far SPY trades from its own open and close, by time of dayseries · 2026-08-22 · 13×3Preview: a 13-point series, ending higher. Average one-day move across six widely held funds, since 2021ranking · 2026-08-22 · 6×2Preview: 6 ranked values, smallest first. How big a one-day move usually is, sessions since 2016ranking · 2026-08-22 · 5×2Preview: 5 ranked values, largest first.
Overnight gap versus the session that follows, complete years

Overnight gap versus the session that follows, complete years

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Overnight gap versus the session that follows, complete years — 5 rows by 3 columns, computed from US exchange, SIP and OPRA data.
yearovernight_move_pctintraday_move_pct
20210.3640.484
20220.651.005
20230.3760.554
20240.3540.447
20250.4670.627
the exact SQL behind every number
SELECT
    year,
    round(avg(overnight_pct), 3) AS overnight_move_pct,
    round(avg(intraday_pct), 3)  AS intraday_move_pct
FROM
(
    SELECT
        toYear(date)                             AS year,
        abs(open_px / prior_close - 1) * 100     AS overnight_pct,
        abs(close_px / open_px - 1) * 100        AS intraday_pct
    FROM
    (
        SELECT
            date,
            max(toFloat64(open))  AS open_px,
            max(toFloat64(close)) AS close_px,
            lagInFrame(max(toFloat64(close)))
                OVER (ORDER BY date ASC ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prior_close
        FROM global_markets.stocks_daily_aggs
        WHERE ticker = 'SPY'
          AND date >= '2021-01-01'
          AND date <  toStartOfYear(today())
        GROUP BY date
    )
    WHERE prior_close > 0 AND open_px > 0
)
GROUP BY year
ORDER BY year
$