The last time this type of fear had overtaken equity markets was last October—a month that often create fear in markets.
The S&P 500 has dropped to levels not seen since last October. All support levels built up since that bottom have been taken out.
Perhaps more interesting is the Dow Jones Industrial Average. While—as of mid-morning—equity indexes have recovered more than half of today’s losses, the Dow has taken out its Oct. 15, 2014 low and is currently trading below the low close of that move (16,117 on Oct. 16). While the market has a long day ahead of it with many likely twists and turns, that is a good number to watch.