An analysis here claims to show that this my be the beginning of a Bear market:

The bearish bias of S&P 500 was formed after the selloff happened in January 2022. Subsequently, a Wyckoff re-distribution pattern was formed (as highlighted in orange). After the upthrust after distribution (annotated as UTAD), the rallies were of poor quality and the down swings were impulsive and volatile with increasing of supply. These are the key characteristics of a bear market leading to a sign of weakness (annotated as SOW).

The confirmation of the strong down swing was identified after the weak rally on 18 April 2022 (annotated as LPSY 0) where I explained in detail about the bearish signal detected from the Wyckoff distribution pattern in the video.

Key arguments against it floating around are that the institutional sellers who are plugged into what is happening at the government level will wait to capitalize on the real collapse which will occur when the housing bubble pops, which will be controlled through institutional control of interest rates. That argument would assume everything now will be volatility, but not a major shift toward a sustained bear market. However both presuppose that a bear market is coming, the mere arguments are over when it will begin in earnest.