Why history offers 'a bit of solace' for equities investors

STORY: The S&P 500 has rebounded about 13% from its closing low in mid-June and was trading around the 4,162 level in Wednesday afternoon trading.

"Since World War II, we've never been able to hit a 50% retracement and then dive back into an even deeper bear market," said Stovall. "At least history offers us a bit of solace."