The longest bull market in history - as measured by the S&P 500 - is now less than 1% from ending, with the drawdown from the Sept 21 highs now just above 19%...2352.7 is the magic number.

Of course, The Russell 2000 (-27%), Nasdaq (-22%), and Transports (-25%) are already deep in bear market territory.

And for the year, it's a bloodbath...

Expect more tweets from the administration once the S&P officially drops 20%, and more speculation that Powell's tenure is about to end.