January 4, 2022 was the most recent all-time high for the S&P 500. The stock market has been in drawdown for nearly five months. Whether its interest rates, war or inflation, the news has generally gotten worse as the year progressed. From both a duration and magnitude standpoint, this drawdown is morphing from an ordinary pullback into a bear market. Through Wednesday close, the S&P 500 is down 17.3%, the NASDAQ 100 is down 26.7%, and “innovation” stocks as measured by the ARK Innovation ETF (ARKK) are down 78%.