The biggest story in the market the first two quarters was hardly any story at all.
The S&P 500 and average closed the books on the first half of the year with its narrowest range in history on Tuesday, but according to one technician, that consolidation could represent a huge buying opportunity for the broader market.
"History says that a narrow first half of the year tends to be rather bullish for stocks in the back half of the year," technical analyst Jonathan Krinsky said Tuesday on CNBC's "Futures Now." "More often than not, these narrow ranges tend to resolve to the upside."
But that doesn't necessarily mean we are going to see the market rally right away, as Krinsky notes that Monday's selloff sparked one of the "most intense selling-volume days" seen since 2011. "When we look at the percent of volume in declining stocks it was 96 percent [Monday]," said Krinsky, chief market technician at MKM Partners. "It probably means we are in for a little bit of chop near-term."
In the short-term, Krinsky expects continued selling pressure to push the S&P 500 to its March low of 2,040 at the very least. "Usually you [see a] retest of the lows, if not undercut them a bit," said Krinsky. "We think we probably do get down there and that's going to create some oversold conditions, which would be attractive to buy at least for a trade."
The S&P 500 is currently up less than half a percent year-to-date and the Dow Jones industrial average is down 1 percent over the same period.