What the wild market volatility could mean for the next month

The S&P 500 been on a rollercoaster ride in the past week - closing it out with a rocky three-day stretch - a 3 percent decline on Wednesday followed by a nearly 2 percent gain on Thursday and, finally, capped off with a 1.7 percent loss on Friday.

Some analysts believe the move to the downside, with the S&P dipping into correction territory, could be overdone.

Goldman Sachs, noting the recent market sell-off, priced in "too sharp of a near-term growth slowdown," and said a rebound could be just beyond the horizon, as a flurry of company buybacks could pick up very soon.

However, history says last week's rocky road could precede more pain in the markets.

Since 1985, the S&P 500 has had a similar three-day stretch only 5 times - a 3+ percent decline, followed by a 1.5+ percent gain, capped off by a 1.5+ percent decline.

Overall, the index does poorly four weeks out, with the S&P shedding another 6.4 percent on average, trading negatively 80 percent of the time.