Breaking down the stock market rout: Was there panic selling that typically precedes a bottom?

Mike Santoli and I broke down the stock market internals that occurred during the nearly 5% rout in the S&P 500 Thursday, trying to determine whether we are seeing the kind of panic that typically occurs around market bottoms.

CNBC Pro subscribers can watch the PRO videocast above for instant analysis on Thursday's market plunge.

Santoli and I also discuss:

• How to read the CBOE Volatility index, otherwise known as Wall Street's "fear gauge"
• How investors are still holding onto a belief that these tariff rates will be negotiated down by Trump
• What the market is saying about recession odds
• Where investors were playing defense and the areas of the market that were working on Thursday