Now, there is no reason to worry about the stock market. Most analysts share the same view on the situation. They suppose that the market has not reached the bottom yet and the recent lows could hardly be called record ones. In other words, there is room to decline. “We're nowhere near a market bottom,” economist David Rosenberg said.

Commenting on the current state of affairs David Rosenberg found a reason to encourage traders. “We're nowhere near a market bottom and stocks won't hit a low until the yield curve improves and the Fed stops tightening,” the top economist told Business Insider.

David Rosenberg thinks that “the inverted yield curve and continued Fed tightening” are the main factors that prevent the market from reaching the bottom. Since the Fed has made it clear that it will not switch to a less hawkish stance and yields on the 2-year Treasury surpassed that of the 10-year Treasury, the stock market is unlikely to touch the bottom.

"The historical record is pretty simple that bear market bottoms happen 70% of the way into the easing cycle, when the Fed has resteepened the yield curve into a positive shape. We're nowhere near close to that," the economists explained. "In terms of identifying the real low, it doesn't happen when the yield curve is inverted and the Fed is still tightening policy," he added.