bear market definition
Bear markets refer to a downward trend in the stock market. The length of that downtrend determines whether it is a secular or cyclical bear market. A secular bear market is characterized by below average stock market returns by the S&P 500 for a long time, typically 10 to 20 years. Periodic bull markets spring up within a secular bear market until the next cyclical bear market takes over and carries the market to even lower lows.