April's monthly option expiration is generally bullish across the board, with respectable gains on the last day of the week, the entire week, and the week after. Since 1982, DJIA has advanced 28 times in 44 years on monthly expiration day, with an average gain of 0.20%.
DJIA has risen in 34 of the past 44 April options-expiration weeks (next week), with an average gain of 1.00%. The S&P 500 and NASDAQ also show strong seasonality, averaging weekly gains of 0.77% and 0.76%. Losses in 2022, 2024, and 2025 have tempered the longer-term averages.
DJIA April OpEx Week Performance since 1982: 77.3% higher.
S&P 500 April OpEx Week Performance since 1982: 65.9% higher.
S&P 500 has a similar record, also with 28 advances and an average advance of 0.15% on monthly expiration day. Monthly expiration day was trending solidly bullish after four or five declines from 2014 to 2018, but took hits in the 2022 bear market, 2024, and in 2025 due to Liberation Day tariff uncertainty.
Monthly expiration week also has a bullish track record over the past 44 years. Average weekly gains are +1.00% for DJIA, +0.77% for S&P 500, and +0.76% for NASDAQ. The bullish bias of April monthly expiration also persists during the week after, although average gains have not been as strong, with selling pressure rising (from 2018 to 2022). However, strength has returned since 2023. NASDAQ jumped 6.73% in the week after in 2025.
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