S&P is doing something that has not happened since 1995

This year has been one of the quietest on record for the markets in terms of big and swift moves. Yet if history is an indication, volatility could soon rear its ugly head.

According to LPL Financial's Ryan Detrick, the CBOE Volatility Index, or VIX, has averaged a reading of 11.54 in 2017—its lowest ever. This as the S&P 500 Index hasn't seen a 5 percent pullback in over a year, its longest streak without such a decline in more than twenty years.

Despite stocks hitting new record highs this week, the technician is skeptical that this trend will continue. Blue chip stocks "can go a little bit further without a 5 percent correction, maybe, but when you consider the calendar, we've got August and September, troublesome months coming up here," he toldCNBC's "Futures Now." last week.

"The odds of going the full year without a 5 percent correction are extremely slim," he added.

In fact, Detrick's historical charts show that since 1950, there has been a 5 percent pullback in the market in 91 percent of years from then until now. Still, even though most years do see a correction, Detrick said that investors should actually buy the dip if it occurs.

Source: Bloomberg Pro Terminal

Jr Trader Ivan Ivanov

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