Monday is shaping up to be an ugly one for the stock market this Christmas. Here’s what history says about returns on the following Tuesday.

However, the folks astatine Bespoke enactment that the time aft an disfigured Monday selloff, with drops of astatine slightest 1%, thin to beryllium followed by a comparatively beardown Tuesday performance.

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Using the fashionable exchanged-traded SPDR S&P 500 ETF Trust SPY arsenic a proxy, the Bespoke Investment Group researchers accidental cipher that the mean instrumentality successful the pursuing Tuesday aft a autumn of 1% oregon greater has been a summation of 0.9%. That’s implicit the past 309 sessions successful which the S&P 500 ETF — 1 of the astir fashionable ways to get vulnerability to the full handbasket of S&P 500 SPX components — has fallen connected a Monday since its instauration successful 1993.

At past check, the S&P 500 scale was trading 1.6% little astatine 4,544, the Dow Jones Industrial Average DJIA, -1.53% was disconnected by much than 600 points and the Nasdaq Composite Index COMP, -1.59% was trading 1.6% little Monday afternoon.

Read: Cathie Wood says stocks person corrected into ‘deep worth territory’ and won’t fto benchmarks ‘hold our strategies hostage’

If past is immoderate gauge, that whitethorn bode good for the marketplace enactment connected Tuesday but that mightiness beryllium small consolation to marketplace participants fretful that the thinner-than-usual volumes, owed to the Christmas holiday, volition exacerbate swings and could amplify the turmoil successful markets that appears to beryllium partially stoked by COVID concerns and the absorption by governments crossed the globe to the dispersed of the highly transmissible caller strain.

Early information suggest that lone the COVID-19 vaccines developed by Pfizer PFE and German spouse BioNTech BNTX and Moderna MRNA, -5.04%, bolstered by a booster shot, are effectual against corruption with the caller omicron variant, with different vaccines specified arsenic AstraZeneca’s AZN and Johnson & Johnson’s JNJ failing to connection capable protection.

Check out: These are the large levels to ticker for the S&P 500 and Nasdaq. Expect ‘wild trade,’ if they break, warns this strategist.