Are we already in a bear market? Technically, no, as the conventional definition is a drop of 20 per cent or more from recent peaks.

The benchmark S&P/ASX200 index has lost about 18 per cent since it last flirted with the 6000-point level in April. On Monday, it fell as low as 4803.9 points, but even that still missed the 20 per cent rule, if only by a whisker.

Credit:Bloomberg

But if it smells like a bear market, perhaps it is one.

Clime Asset Management reckons the market's retreat from last year's highs isn't simply a reaction to overseas turmoil but could rather be a reflection of more fundamental domestic issues.