While it may not feel this way, it has been nearly nine months now since the U.S. stock market has set a new all-time high. Since the last intraday peak on the S&P 500 Index at 2134.72, stocks are down by more than -12% through Friday’s trading. And the further stocks travel in time from this past peak, the more unlikely it seems that they will break out to new highs. Thus, the next bear market that so many have mentioned looming on the horizon may already be well underway. While much of the focus on the next bear market is the magnitude of the declines it may bring, it is also worthwhile to consider its potential duration.
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