But volume drops sharply through most phases of a broad worldwide bear depression. This induces illiquidity and dangerous trading conditions. Spreads widen and slippage increases for both entries and exits. Opportunities vanish as good short sale inventories dry up at many broker-dealers. Reliable information disappears and good sources close shop due to a lack of interest.
Bear markets appear through many time frames.
They can represent grand bear markets, cyclical bear markets, intermediate-term corrections or minor downswings. Minor downtrends can last a few minutes or days. Longer ones may persist for several months. Grand bear markets can span decades and embed multiple cyclical bull-bear swings. These cyclical swings pose the greatest threat for modern swing traders.