The S&P 500 was down 4% in early trade near 4,872, more than 20% below it's record close set on Feb. 19, which would meet the widely used definition of a bear market. A close below.

The S&P 500 closed Friday down 0.1% at 5,659.91, but was up as much as 0.5% earlier in the session at the intraday high of 5,691.69. All that means is the index is still just bouncing, ...