If history is any guide, and it usually is, the SPDR S&P 500 ETF Trust (NYSE:SPY) could continue to trend lower. It may even get all the way down to $310, which is about 17% below current levels.
A bear market is one that falls by more than 20% from its peak. Since 1929, there have been 25 bear markets. The average price decline has been about 35%.
