Are there any technical clues suggesting when the current market volatility might ease? Ritholtz Wealth Management’s Nick Maggiulli found 34 prior instances where stocks suffered two-day declines of at least 6 per cent. The good news is a year later, stocks were higher on all but four occasions, averaging gains of 16.7 per cent.

However, history indicates things won’t calm down any time soon, with the S&P 500 tending to take about five months to break out of these panicky periods.

'Oversold reflex rally'

Canaccord Genuity's Tony Dwyer says there is potential for an "oversold reflex rally" but cautions investors shouldn't mistake any "spirited rebound" as evidence the coast is clear, as markets tend to retest prior lows during global growth scares.

Similarly, Tim Graf of State Street Global Markets notes the recent price action is a “clear departure” from the striking calm that preceded it. State Street’s measure of systemic risk is spiking right now, which is typically a “signal for larger-than-normal drawdowns and persistence of volatility”. The message is clear: buckle up.