It should be quite obvious that there was a trend the last seven days-- take s&p500 for example -- as all of them have been down. Furthermore the cumulative loss in just 9 days was -25%. Add to that the fact that the Zscore for 6 of the days has exceeded 4 sigmas (including a 1 day sigma of -9.69 and today's -8.39)-- yeah, I'd call that volatile. Remember this week, as if you are old enough to survive it will be like the great fabled 10 sigma event of 2008, on track to surpass even 87 (4day 28% drop zone) in short term unfathomable destruction. In summary, for the very short term -- yes, there has been both a trend and "unusual" volatility.