There is a saying on Wall Street: The market goes up the escalator and down the elevator. Stock gains tend to be relatively steady, accumulating over time. Stock declines, however, can be devastating. Wednesday’s stock market rout (11 March) has left the S&P 500 index dangerously close to joining the Dow Jones in bear territory. This comes after the S&P 500 experienced its worst one-day slump since the 2008 financial crisis, dropping 7.6% on Monday (9 March).

While rushing to exit the stock market can feel like the logical thing to do when stocks collapse and other investors run for the hills, seasoned investors understand that market ups and downs are to be expected, and have a plan in place should markets continue to slide.

A little planning today can strengthen your portfolio and make it more resilient for a possible bear market or recession. Here’s how to play