Chart of the Day: Don't Hold Your Breath

In a blog post yesterday we featured a chart of the five periods during the present bull market that saw a 7%+ decline over 7 trading days. 

While indeed "the worst" (in quotes because we think this correction, at this juncture, is actually a healthy thing) may be over, we wouldn't hold our breaths. Historically-(history of the present bull market)-speaking, if it is indeed over it'll only be the second of the five events where the market didn't test or breach the level established by the first bounce (yesterday for this go round).

Yesterday's chart:

Today's:

That said, our analysis paints an unusually favorable macro backdrop, so we definitely wouldn't bet against, even in the near-term, the strength of this bull market...

Charts courtesy of Bespoke Investment Group