How to tell a bull correction from a bear market

A bull and a bear statue stand outside the Frankfurt Stock Exchange in Frankfurt.
Ralph Orlowski | Bloomberg | Getty Images
A bull and a bear statue stand outside the Frankfurt Stock Exchange in Frankfurt.

It's a correction, right? Just like August.

That was last week's conventional wisdom, and that was before the S&P 500's downdraft drove it 10 percent off its highs and wiped away 6.2 percent since the year began.

The velocity and pain of the move, however, has more than a few market pros questioning whether the sell-off is really the start of a new bear market.

Jason Hunter, technical analyst at JPMorgan, provided some insight on how to tell the difference between a bull market correction and the start of a bear market.