As of tonight the NASDAQ is down 21.27% YTD. If a bear market is defined as a 20% or greater drop from a recent high, the NASDAQ is likely near or in a bear market. The Dow is only off 9% YTD and the S&P down 13%. No bear there. The Russell 2000 small cap index is 16.66% below its 2021 finish and so would appear to be approaching bear market territory. What makes this near bear feel more like the real thing? It’s likely the fact that bonds are sinking along with stocks and offering no relief as they customarily might.