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The theory that astrology traders follow is that, lunar phases affect public mood and which amongst others also impacts stock prices. So mood is the best around new moon and worst near full moon. Hence markets tend to go up around new moon and go down around full moon.
If you want to include this into your trading system, ensure to go back in time and have backtested results for atleast 3 to 5 years. Also I don’t know if it is wise to trade only based on this, so it will be wise to mix it with technical analysis also.
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@Nithin Yes, it definitely fluctuates on moon phases. I have personally seen this (researched) data for more than 15 years, our Indian Markets also Dow and Nasdaq.