This is a chart of the Dow starting in about 1982, the beginning of the super-bull market to the present. At the current level, around 7500, the market is near or at its 1998 lows and its 2002 lows. Significantly, it is also a 50% retracement of the entire super-bull!
The S&P went through its 50% retracement today. If the Dow does not hold this level it could go to about 5900, a 60% retracement of the super-bull. That would bring the market back to its 1996 levels.