The S&P index has moved to a new low of 3841.54. In the process it took out the low price from last week at 3858.87.
At the low the index was down 20.28% from its 2022 high and all-time high reached on January 4. That takes index into “bear market territory”. Financially speaking a decline of 20% is considered a bear market.
The NASDAQ index is also reached a new low for the day at 11166.95. That still is above the low from last week at 11108.76. The NASDAQ index has been in bear market territory since April 22 (20 trading days).
It had previously below the -20% level back on February 23 but moved back above, and then again on March 7. The index moved above the bear market territory on March 16 and stayed above that level until April 22, when the sellers took over again (and the bear market intensified).