In a word, yes.
This is a 6 month daily chart of the $SPY. The blue lines measure the move from the mid March lows and overlays it with the most recent swing lows. The rate of change and magnitued of the move is not unprecedented; it occurred just a few months ago.
Are we running hot? Yep. Load up short? Nope. Until there's evidence of weakness, just assume volatility.