If The Tariff Pause Wasn't Enough, Ryan Detrick Has Data That Might Turn You Bullish: 'Off To The Races?'

Ryan Detrick, chief market strategist for Carson Group, believes stocks are near bear market lows — and based on Wednesday’s face-ripping afternoon surge, he might be right.

What To Know: Wednesday morning on CNBC’s “Squawk Box,” Detrick highlighted a few different sets of historical data points that suggest the market is close to bottoming.

“What do we know? We know more than 80% of the stocks in the S&P 500 just made a 20-day low. That is consistent with [being] pretty close to major lows,” Detrick said.

Broader markets have been trending lower in recent weeks in anticipation of Trump administration tariffs. Last week, President Donald Trump announced sweeping tariffs on numerous countries, sending markets into a tailspin.

Detrick believes the selloff has gone far enough and he has plenty of data to back it up.

Check This Out: Don’t Panic, Billionaire Thomas Peterffy Says: Tariffs Present ‘Greatest’ Buying Opportunity

The S&P 500 was up 4% at the peak on Tuesday, but the rally failed and the index closed down more than 1%. Detrick told CNBC that that’s “never happened in history.”

Taking that one step further, the S&P 500 has closed at least 3% off its intraday high for three straight sessions, he said. That’s only happened twice in recent history. The two prior instances occurred in July 2003 and August 2015.

“Both of those times obviously were very volatile, but those were near major lows. And when you look at August of 2015, that was the low,” Detrick said.

Detrick noted that the S&P 500 was up 6% two days after the August 2015 low and then “off to the races” from there.

Why It Matters: The S&P 500 soared more than 8% Wednesday afternoon after Trump authorized a 90-day pause on tariffs for non-retaliating countries.

The SPDR S&P 500 (NYSE:SPY), which tracks the S&P 500 index, was up 8.26% at last check, per Benzinga Pro.

The surge came about seven hours after Detrick appeared on CNBC. It’s not clear if stocks will be “off to the races” this time, but Detrick said Wednesday morning that stocks appear to be nearing a “pretty significant tactical low.”

Finally, Detrick shared that stocks have entered bear market territory 11 times since World War II. If you look at the S&P 500 one year after it enters a bear market, it’s higher by 23% on average, he said.

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