Market Mavens Say Correction Is Ending

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It was the market move that everyone seemed to be expecting: the correction that the S&P 500 has suffered over the past month.

After being presaged for months by technicians, portfolio managers and traders alike, the market's uptrend finally broke on May 22. On that day, the S&P rose above 1685 to a record high, before reversing on concerns that the Federal Reserve would soon roll back quantitative easing.

Within two weeks, the S&P dropped to 1598 before recovering. So were those 5 percentage points the entirety of the correction that so many were fretting over for so long?

"We've had a correction that, peak to trough, was very shallow," Leuthold CIO Doug Ramsey said on Thursday's installment of CNBC's "Futures Now." "But what's been encouraging is just the fear I've seen on many of the sentiment data points that I track, all of which have taken some heavy damage considering how shallow this pullback has been."