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The last time this happened, the market went on a vicious rally

As if this record-setting rally needed another superlative, a new statistic is now making the rounds on Wall Street and getting traders to scratch their heads in disbelief.

According to Jonathan Krinsky, chief market technician at MKM Partners, the S&P 500 has gone 14 consecutive days without a move of 0.50 percent on a closing basis, the longest streak since 1995. To find a longer streak, you have to look to 1969, which saw 20 consecutive trading days without such a move. Back then, Nixon was president, "Butch Cassidy and the Sundance Kid" was the top film at the box office, and the Beatles gave the last public performance in London.

Note, the streak was broken by Tuesday's 0.65 percent decline, but the market moves have still been very muted of late. So what does this lack of volatility all mean for a market that hasn't seen a correction of 10 percent or more since 2011?

(Read MoreThe stock gap: American stock holdings at 18-year low)

Well, if history is any indication, perhaps more gains.

"The takeaway is this result to more upside," Krinsky said. "At least a couple percent higher."

According to Krinsky's research, since 1980, there have only been five other stretches where the S&P 500 went at least 10 days without a move of a 0.50 percent, and in all those instances, the market was higher by an average 4.7 percent three months later.

"This makes sense since consolidations tend to coincide with low volatility, which tends to coincide with bull markets," Krinsky said.

So will history repeat itself?

Well, according to Krinsky's technical work, the S&P could see some near-tem consolidation. But after that occurs, he's targeting a move higher to 2,050 in the S&P 500, or about 5 percent higher than where we are now.

Of course, past performances are no guarantee of future results, and the last two times the market experienced such muted moves, yearly returns were mixed: In 1995 the S&P 500 was up 34 percent. In 1969, the market lost 11 percent.

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