If the stock market is going to follow its historic pattern during a midterm election year, it would be bottoming just around now.
"Typically, it's after Oct. 9 that you start to see some better performance," said Ari Wald, technical analyst at Oppenheimer.
The analyst said that date was the average day the market bottomed in the last eight mid-term election years, going back to 1990.
"Investors should moderate their expectations for US equity valuations; history shows these contract during periods of high volatility."
"Generally our view is that the rate market is trading more off Fed policy and the Fed's commitment to fight inflation rather than the actual threat of inflation.