What rebound? These 2 charts suggest the recent stock sell-off has further to go

The analysts also cited sentiment data from the American Association of Individual Investors to see where market pessimism sat in its historic range. The latest survey revealed bearish sentiments rising to 39% as of February 27, surpassing market optimism amid a spike in market volatility.

Recent years showed bearishness reversing upward trends after peaking in the 40% to 50% range, according to the RBC note. Past surveys showed bearishness reaching high points within that range after similar emergency rate cuts.

The indicator jumped as high as 45% following both the 9/11 terrorist attacks and Russia's financial crisis in 1998.

The 2008 financial crisis saw bearish ratings fluctuate within the low 60s for months before spiking to 70% around March 2009's market low.

Bearishness would need to reach the mid-40s "before it makes sense to start considering whether a bottom has been put in place," the analysts wrote.

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