There were
cyclical bear markets in 1977 and 1981 - 2 (both ~ 20 % drops in senior indexes), and in 1994 (DJI / SPX fell less than 10 %, but small caps were down 25 % + after the huge small cap bull cycle in 1991 - 3) and 1998 (over 20 % drop in SP in 4 months, with LTCM failure the
final chord).