Is a bear market next? Corrections are "relatively rare yet symbolically worrisome milestones for the markets," said The New York Times. The S&P isn't the only index taking a beating: Nasdaq and the Russell 2000 have also fallen into correction territory.

After a turbulent month for U.S. stocks, many investors are wondering: What’s happening with the market, and where is it heading next?

As shown above, the S&P 500 in the last 15 years has returned an average of 18% during the year following its first close in correction territory. While not shown in the chart, the S&P 500 has also returned a median of 18% under the same conditions,