Analysts: “Days of Awe” will bring a 10-day slump

Plunge in High Holy Days before Yom Kippur

Similar to the "Sell in May and go away" maxim, the saying “Sell on Rosh Hashanah and buy on Yom Kippur" highlights the “days of awe” during which Jews traditionally concentrate on the wrongs they have done during the year, making amends to those they have harmed.

In the years since 1915, the Dow Jones Industrial Average has declined an average of 0.62% between Rosh Hashanah, the new year, and Yom Kippur, the day of atonement. That is a statistically significant weakness for a 10-day period.

Historically, the declines have been much worse during times of economic uncertainty, such as these days when investors tremble at the news coming out of Europe regarding currency devaluation and monetization of bonded debt.

A move to 1,100 or lower for the S&P index could signal a year's end rally, analysts predict.