A Textbook Progression To A Bear Market

OK. Not a bear market quite yet. The official level of the S&P500 for the current sell-off to morph into a bear market (down 20 percent from local high) is 2298.30, down 14.92 percent from today's close. The official correction level, 2585.58, was hit and broken on February 8th. We believe there will be a stock bear market in 2018 but less confident on its depth and length, however. We will turn that page, if, and when, we get there.