My definition of a bear market is a monthly downtrend. In my opinion this is far more reliable than relying on moving averages or the classic 20% from the peak. This definition relies on the break of long term support price levels, providing much more technical significance.
The NZ50 index is in a bear market per that definition. I will also note that the NZ50 index provides very reliable technical signals for the rest of the market (which would probably surprise most). Ignore at your peril.
Last two months have been disgustingly profitable for me :)