Stock market bulls and bears are in the ultimate game of tug of war—and the market isn't budging.
The S&P 500 is in a virtual deadlock, flat for the last six months and up less than 2 percent for the year. And according to one technician, if the market continues to trade in this narrow range, it will mark an event so rare it's only happened once in the past 50 years.
"There hasn't been a 5 percent pullback in the S&P 500 since December," Jonathan Krinsky said Tuesday on CNBC's "Futures Now." Krinsky noted that while the occurrence isn't unprecedented, the last time the S&P 500 went a full year without a 5 percent decline was 20 years ago in 1995, and there were only four times before that in 1964, 1961, 1958 and 1954. In each of those years, the market posted an average return of 30 percent.