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The S&P 500 has just logged its longest losing streak since 2011

BofA's biggest risks for the market

The has fallen in seven straight sessions through Wednesday, the first time the large-cap index has done that since 2011.

The last streak also came in a November, culminating with a 0.27 percent slip on Nov. 25. And while the market's past can never predict its future, it is notable that the November 2011 seven-session losing streak was immediately followed by a jump of nearly 3 percent.

Yet even amid all of the declines, the S&P has fallen less than 2.5 percent in the past seven sessions. To put that into context, the market has suffered a greater percentage drop on two separate days this year.

And some see a bright side in all the losses. For Frank Cappelleri, a trader and technical analyst at Instinet, the losing streak is a sign that "the [S&P 500] SPX is sequentially oversold and seemingly ready for at least a counter-trend bounce."

However, he added in his Wednesday morning note that since the S&P hasn't fallen by all that much, "the index doesn't exactly appear washed out at this stage."

The recent market decline has come as oil has slid, and as Republican Donald Trump's perceived chances of winning the presidential election have risen. Meanwhile, Wednesday afternoon's Federal Reserve statement, which could have been the event of the week, delivered little that was unexpected.