We are still in the bear market I believe. But what I see and observe is that some traders are taking advantage of the market dip which makes them profitable also. I guess bear mode is important because the market needs to go through a cycle and bear cannot be avoided.
Any time the market value falls below 20% from a previous high, a bear market is in effect. Most economists will tell you that bear markets simply need to occur from time to time to "keep everyone honest". In other words, they are a natural way to regulate the occasional imbalances that sprout up between corporate earnings, consumer demand and combined legislative and regulatory changes in the market.