Not shaping up to be a good day, week, month, etc. for the bulls here. Pre-market futures are incredibly weak, and the S&P 500 is on pace to open down 3.5% for its first back to back to back 2% declines since August 2002. After the open today, the S&P 500 will already be in correction territory (-10% from its closing high) with a 13% decline from its all-time closing high of 2,130.82 on 5/21/15. With that long overdue milestone now reached, the question is will the index get down to bear market territory, ending what has been one of the longest and strongest bull markets of all time? Well, with a few more days like the last three, it won’t take long. As shown in the chart below, based on where futures are trading, the S&P 500 would need to fall another 8% to hit the bear market threshold of 1,704.65. Then again, we haven’t seen a three-day stretch like this in several years.