Graph starts on February 2, 1998 and ends on August 5, 2011. Does not include the August 8 close of 1119.46.
My point, the market has not really gone anywhere on a close basis since 1998. Although the ranges have been spectacular.
An all time closing high on March 23, 2000 at 1527.35. To a crash down price of closing price of 863.16 on December 23, 2008 indicates that while the market is going no where fast over the last 13 years the range is at time violent.
Also see,
S&P 500 Index 1960-1982 Historical Chart and Perspective 
