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Turbulent markets are fueling an unprecedented pattern between power and the S&P 500, says Bespoke's Paul Hickey

An unprecedented trend appears to be emerging between the booming energy sector and the turbulent stock market.

For the past ten days of trading, Bespoke Investment Group's Paul Hickey notes that energy has never done so well while the S&P 500 is trading lower.

"The energy sector is up almost 17% and the S&P 500 is down," the co-founder of the independent research firm told CNBC's "Trading Nation" on Tuesday. "This is an unprecedented situation that we find ourselves in."

He highlights the connection in a special diagram with data from 1990.

Zoom In Icon Outward ArrowsZoom In Icon Outward Arrows

"You have a huge discrepancy where one end of the rubber band is stretched far to the left and the other end is stretched far to the right," he noted. "When you've seen that, you tend to see a return to the mean."

He also mentions that the Energy Select Sector SPDR Fund is up 3% on three of the last four trading days. According to Hickey, it is a longer-term bullish trend that has happened only a few times in the past two decades.

"After previous periods of similar strength in XLE, the sector has seen short-term profit-taking, but a year later they were all five times higher," Hickey wrote to investors this week. "The performance of the broader stock market was consistently weak in the short term after similar rises in the energy sector, but consistently positive six and twelve months later."

On Tuesday, the XLE rose 0.58% to close at $ 55.04 and is up more than 13% over the past month.

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