The S&P 500 falls again. Check the graph out:
This is a 12 month graph that gives you some more info about the drop in this important share index. Unfortunately, the graph (which is created at the BBC news Market Data page) is a day behind, but the last trading session was flat, so where you see that "cliff" at the end, you can add a little horizontal line.
Whenever sharemarkets drop, there's always some form of bounceback, and we can see that happening in the early part of March, with a rally erasing about 40% of the drop from the original "cliff" we see a couple of weeks ago. Yet the recent fall has all but wiped out those gains, leaving the index at around the same point as it was 2 weeks ago after the big fall.
But is it the start of something big? Still too early to say. Look at the index in May 2006 and you'll see a steady decline throughout June, which then rallies in early July and sweeps upwards for months afterwards. The two "cliffs" the index has fallen over in the past two weeks are more precipitous than the one in May, though. In short there doesn't seem to be any evidence against a bear market forming.