As we have detailed many times, this was an exceptionally long and uncorrected rise. Since its last 10% correction in mid 2012, SPX has risen an exceptional 59%.
Bulls will contend that the 2003-07 market was completely devoid of 10% corrections. This is misleading. That bull market struggled to break-even into the third quarter every year. It was a slow grind higher, completely unlike the pace of the past two years.
The big question is whether the correction is over and stocks will now rally into year end.