At least 115 stocks in the S&P 500 have declined -7% or more in a single day over the past 8 trading sessions.

However, the S&P 500 is only down -2% from its all-time high.
In the past, when at least 115 stocks declined -7% or more within an 8-day trading period, the average decline of the index was -34%.
The last time so many stocks were affected like this while the index was still near its all-time high was during the dot-com bubble in 2000.
By comparison, in 2008, this threshold was triggered when the index was already in a bear market.
The market is truly experiencing an unprecedented period.