https://finance.yahoo.com/news/morning-brief-june-23-100044415.html

“During the Financial Crisis, the market head-faked investors with three minor rallies from fall ’07 through summer ’08 — of 8%, 12%, and then 7%, respectively — suckering in new longs near the 2007 record highs.

And then markets really started messing with investors.

Declines of 45% and 51% from record highs were met with rallies of 18% and 24% in the fall of 2008, moves that came several months before the market’s ultimate bottom in March 2009.

Suddenly, headlines were reading: “Stock market 20% off the lows,” enticing traumatized investors to possibly pull the trigger on what remained of their cash position — only to see new lows in the coming weeks and months.

During the dot-com bubble burst, it took nearly three years for the bear market to finally shake out bagholders from the first tech mania.

The S&P 500 dropped 49% from record highs before hitting its ultimate bottom in late 2002. Over the course of 2001 and 2002, the S&P 500 saw no fewer than four rallies of 19% or more.

It wouldn’t be until the spring of 2007 that the benchmark index would reach another record high. Just in time, of course, for the aforementioned Financial Crisis.