An impressive turnaround

Stocks enjoyed a large intraday reversal on Thursday, erasing more than a 1.5% intraday loss to close more than 0.5% higher on the day. There have been 14 times since 1962 when it enjoyed a reversal like this while between 10% - 20% from a multi-year high (roughly equating to corrective periods). It chopped around the next couple weeks, but by three months later was positive 15 of the 17 times, averaging +6.9%. Whether this is enough to offset some recent negatives is questionable, since one-day price patterns have been inconsistent, especially when looking out as long as three months. For those curious, the dates were 1967-01-11, 1969-07-30, 1973-05-15, 1981-09-28, 1990-09-28, 1998-09-01, 2008-01-23, 2008-01-31, 2008-03-13, 2011-08-09, 2011-08-26, 2011-09-12, 2011-10-04, and 2018-12-27.