The Return of Volatility?

The S&P 500 is currently trading down sharply on the day at -2% or so.  If the index closes down more than 1% today, it will have been up more than 1%, down more than 1%, up more than 1%, and down more than 1% over the last four trading days.  As shown below, this would be only the fourth such occurrence over the last 50 years.