Stocks just traded like they do right before recessions begin — and one of Wall Street's biggest bulls warns a 'big test' of the worst-case scenario could fail

The stock market's correction late last year was consistent with its historical pre-recession pattern, judging by its median decline before prior meltdowns, according to RBC Capital Markets.

, its scope was eerily similar to the sell-offs that preceded prior economic calamities, according to RBC Capital Markets.prior to recessions dating back to the 1930s was 24%. The average was higher — at 32% — but skewed by uncommon downturns like the Great Recession and tech bubble., RBC's head of US equity strategy, remains bullish on stocks — so much so that she raised her year-end price target for the S&P 500 to 2,950 from 2,900.

Calvasina said all the employment indicators she tracks, from announced job cuts to manufacturing indexes in Kansas City and Philadelphia, have fallen or stalled in the last few months. She added that on the bright side, most of these indicators are still high relative to history and above the levels they fell to during the 2015-2016 growth scare.

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