I’ve learned the hard way that markets don’t “announce” a bearish phase with one headline. What they do is  quietly change behavior : rallies get weaker, leadership narrows, volatility starts acting different, and suddenly the dip-buying muscle memory stops working. So instead of guessing, I use a checklist. If enough boxes flip from green to yellow (and yellow to red), I stop thinking in “new highs soon” terms and start thinking in “capital preservation” terms. Step 1: I define what “bearish phase” actually means (for me) For me, a bearish phase isn’t only the textbook “down 20% = bear market.” That’s a headline definition that usually arrives late. What I care about is whether the market enters a regime where: Uptrends break and fail to recover quickly Risk appetite fades (growth and small caps struggle) Volatility becomes sticky (fear doesn’t fade fast) In other words: I’m not waiting for the label. I’m watching for the  behaviour . Step 2: I watch the “market engine”: brea...