Consumer Confidence and Stock Market Turnarounds

The BigPicture, a daily newsletter, recently published an interesting piece about consumer confidence as it relates to stock market lows, as follows:

The Conference Board reported Consumer Confidence Index for October hit a record low of 38.

Is there any connection between weak consumer confidence readings and bullish reversals in the stock market? To decide, have a look at the following quick-and-dirty overview (which includes all data going back to the Feb 1967 start of the confidence series):

Consumer_conf_spx

(*Note: Interim low - market was already in a secular upswing.)
(#Note: Consumer confidence readings that were closest to the latest reading.)

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