The S&P 500's decline of 0.57% on January 26th has been its biggest down day so far this year. The index hasn't seen a 1% decline since December 28th, which was 26 trading days ago. In the first chart below, we show the number of trading days in between 1% down days since the start of 2009. As shown, 26 trading days is the longest streak without a 1%+ decline in more than a year.
Below is the same chart as above showing the number of trading days in between 1%+ down days, except it goes back to 1980 instead of 2009. As shown, the current streak of 26 trading days is barely a blip on this longer term chart. In the 80s, 90s, and 2000s, there were dozens and dozens of streaks that were longer, with a few surpassing the 100-trading day mark. While our experience over the short-term would suggest we may be "due" for a big down day, from a longer term perspective, there is plenty of precedent for a much longer streak to occur.