When people feel their mood go down after a cycle it can be hard to say exactly why and whether it is related to any drug or not.
You may get down because there is less testosterone, particualrly an issue if you let yourself crash and don't taper off at the end of cycle or do anything to encourage natural levels to increase again.
You may feel depressed because of a direct effect of Clomid- side effects listed in the Clomid literature
"Side-effects: visual disturbances (withdraw), ovarian hyperstimulation (withdraw), hot flushes, abdominal discomfort, occasionally nausea, vomiting, depression, insomnia, breast tenderness, headache, intermenstrual spotting, menorrhagia, endometriosis, convulsions, weight gain, rashes, dizziness, hair loss"
Given that the commonest use for Clomid is the treatment of infertility in women- this list of common side effects has been drawn up after studies on women so its relevance to men is not known. It is not certain what effect changing estrogen levels has on mood and depression in men.
You may also feel depressed post cycle because some of your hard won gains are disappearing and you are less motvated to train hard as your test levels fall.
Its a tough one.
If anyone has a tendency to depression then I would advocate avoiding post cycle crash at all costs- design your course to taper test levels and allow recovery. Use post cycle therapy (pct) designed to rack up natural test levels as this happens.
Use other ancillaries less likely to cause depression if you have a tendency to this- Nolvadex (Tamoxifen) or Arimidex during cylce to prevent estrogen production by aromatization. Neither of these drugs list depression as a common side effect in women taking them, however the caveat remains that their side effect profile in men has not been widely studied.