#VIXIndicator Since 1999, what happened this week has happened once previously: a Downside Warning going into effect after it had been canceled, with no Upside Warning in between… and then that happening AGAIN. It’s a “triple-header” of Downside Warnings (DW).

The Downside Warning was reinstated on Wednesday after being canceled Monday. The DW that preceded the big drop was on February 24th, and that was a double-header already, after the first DW on January 27.

Double-headers usually result in the SECOND drop being deeper than the first. That certainly happened this time, with the second drop being exceeded only by the 2008 financial crisis. The only triple header before now was in 2007, when the second warning didn’t go as low as the first, but the third went lowest of all.

So we don’t have enough data to build a historical model of what we are in now. But it’s interesting to see the history of these market double/triple dips.

Below is a chart of all occurrences of doubles/triples since 1999: