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In One Chart: This market feature has coincided with every stock-market bottom since 2016—and it’s flashing now, analyst says

Has the stock market hit rock bottom after a rough October?

According to at least one technical analyst, the worst is over for U.S. equity benchmarks after an October that chopped substantial year-to-date gains from the S&P 500 index SPX, +0.31% and the Dow Jones Industrial Average DJIA, +0.44% and knocked the Nasdaq Composite Index COMP, +0.35% into correction territory, usually described as a decline of at least 10% from a recent apex, for the first time since 2016.

John Kosar, the chief market strategist at Asbury Research, says the ratio between bullish and bearish bets via options on the S&P 500, in recent history, has offered one of the clearest signals that a bottom in the market has been achieved.

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