For dip-buyers in the S&P 500, 2017 has actually been a tough year... because there hasn't been any.

As JPMorgan notes, 2017's 3% intra-year decline is the smallest since 1980 (tieing with 1995 which saw a 34% return)

(Click on image to enlarge)

This 3% drawdown (for now), continues a 6 year streak of drawdowns that are dramatically below the longer-term average of 14.1% drops intra-year.

But what happens now that Central Bank balance sheets are set to stop their expansion?