{
  "updated": "2026-04-19",
  "ticker": "^NDX",
  "drawdowns": [
    {
      "period": "2000: 3月27日 - 10月7日",
      "days": 924,
      "high": 4704.73,
      "low": 804.64,
      "decline": -0.829,
      "category": "credit_destruction",
      "cause": "互联网泡沫",
      "active": false,
      "recovery_days": 4775,
      "recovery_date": "2015-11-03",
      "causeEn": "Dotcom bubble"
    },
    {
      "period": "1987: 10月5日 - 10月26日",
      "days": 21,
      "high": 213.81,
      "low": 128.43,
      "decline": -0.399,
      "category": "exogenous_shock",
      "cause": "黑色星期一",
      "active": false,
      "recovery_days": 578,
      "recovery_date": "1989-05-26",
      "causeEn": "Black Monday"
    },
    {
      "period": "2021: 11月19日 - 12月28日",
      "days": 404,
      "high": 16573.34,
      "low": 10679.34,
      "decline": -0.356,
      "category": "exogenous_shock",
      "cause": "紧缩预期",
      "active": false,
      "recovery_days": 352,
      "recovery_date": "2023-12-15",
      "causeEn": "Tightening fears"
    },
    {
      "period": "1990: 7月16日 - 10月11日",
      "days": 87,
      "high": 246.18,
      "low": 165.2,
      "decline": -0.329,
      "category": "exogenous_shock",
      "cause": "海湾战争",
      "active": false,
      "recovery_days": 118,
      "recovery_date": "1991-02-06",
      "causeEn": "Gulf War"
    },
    {
      "period": "2020: 2月19日 - 3月20日",
      "days": 30,
      "high": 9718.73,
      "low": 6994.29,
      "decline": -0.28,
      "category": "policy_shift",
      "cause": "新冠疫情",
      "active": false,
      "recovery_days": 77,
      "recovery_date": "2020-06-05",
      "causeEn": "COVID pandemic"
    },
    {
      "period": "1998: 7月20日 - 10月8日",
      "days": 80,
      "high": 1465.89,
      "low": 1128.88,
      "decline": -0.23,
      "category": "policy_shift",
      "cause": "俄罗斯/LTCM",
      "active": false,
      "recovery_days": 32,
      "recovery_date": "1998-11-09",
      "causeEn": "Russia / LTCM"
    },
    {
      "period": "2018: 8月29日 - 12月24日",
      "days": 117,
      "high": 7660.18,
      "low": 5899.35,
      "decline": -0.23,
      "category": "policy_shift",
      "cause": "加息担忧",
      "active": false,
      "recovery_days": 114,
      "recovery_date": "2019-04-17",
      "causeEn": "Rate-hike fears"
    },
    {
      "period": "2025: 2月19日 - 4月8日",
      "days": 48,
      "high": 22175.6,
      "low": 17090.4,
      "decline": -0.229,
      "category": "policy_shift",
      "cause": "关税冲击",
      "active": false,
      "recovery_days": 77,
      "recovery_date": "2025-06-24",
      "causeEn": "Tariff shock"
    },
    {
      "period": "1992: 2月12日 - 6月26日",
      "days": 135,
      "high": 355.98,
      "low": 290.03,
      "decline": -0.185,
      "category": "policy_shift",
      "cause": "",
      "active": false,
      "recovery_days": 161,
      "recovery_date": "1992-12-04",
      "causeEn": ""
    },
    {
      "period": "1997: 10月9日 - 12月24日",
      "days": 76,
      "high": 1148.21,
      "low": 938.99,
      "decline": -0.182,
      "category": "policy_shift",
      "cause": "亚洲金融危机",
      "active": false,
      "recovery_days": 57,
      "recovery_date": "1998-02-19",
      "causeEn": "Asian financial crisis"
    },
    {
      "period": "1986: 7月3日 - 9月15日",
      "days": 74,
      "high": 164.51,
      "low": 134.94,
      "decline": -0.18,
      "category": "policy_shift",
      "cause": "",
      "active": false,
      "recovery_days": 126,
      "recovery_date": "1987-01-19",
      "causeEn": ""
    },
    {
      "period": "1989: 10月9日 - 1月30日",
      "days": 113,
      "high": 236.79,
      "low": 197.65,
      "decline": -0.165,
      "category": "policy_shift",
      "cause": "储贷危机",
      "active": false,
      "recovery_days": 114,
      "recovery_date": "1990-05-24",
      "causeEn": "S&L crisis"
    },
    {
      "period": "2015: 11月3日 - 2月9日",
      "days": 98,
      "high": 4719.05,
      "low": 3947.8,
      "decline": -0.163,
      "category": "policy_shift",
      "cause": "人民币与原油",
      "active": false,
      "recovery_days": 170,
      "recovery_date": "2016-07-28",
      "causeEn": "Yuan devaluation + oil"
    },
    {
      "period": "1994: 3月17日 - 6月24日",
      "days": 99,
      "high": 418.45,
      "low": 351.76,
      "decline": -0.159,
      "category": "policy_shift",
      "cause": "债市大屠杀",
      "active": false,
      "recovery_days": 208,
      "recovery_date": "1995-01-18",
      "causeEn": "Bond-market massacre"
    },
    {
      "period": "1997: 1月22日 - 4月2日",
      "days": 70,
      "high": 925.52,
      "low": 783.92,
      "decline": -0.153,
      "category": "policy_shift",
      "cause": "",
      "active": false,
      "recovery_days": 33,
      "recovery_date": "1997-05-05",
      "causeEn": ""
    },
    {
      "period": "1996: 6月5日 - 7月23日",
      "days": 48,
      "high": 699.35,
      "low": 598.34,
      "decline": -0.144,
      "category": "narrative_break",
      "cause": "",
      "active": false,
      "recovery_days": 52,
      "recovery_date": "1996-09-13",
      "causeEn": ""
    },
    {
      "period": "1993: 1月14日 - 4月26日",
      "days": 102,
      "high": 381.34,
      "low": 327.28,
      "decline": -0.142,
      "category": "narrative_break",
      "cause": "",
      "active": false,
      "recovery_days": 154,
      "recovery_date": "1993-09-27",
      "causeEn": ""
    },
    {
      "period": "1995: 11月3日 - 1月9日",
      "days": 67,
      "high": 621.71,
      "low": 534.42,
      "decline": -0.14,
      "category": "narrative_break",
      "cause": "",
      "active": false,
      "recovery_days": 30,
      "recovery_date": "1996-02-08",
      "causeEn": ""
    },
    {
      "period": "2024: 7月10日 - 8月7日",
      "days": 28,
      "high": 20675.38,
      "low": 17867.37,
      "decline": -0.136,
      "category": "narrative_break",
      "cause": "衰退担忧",
      "active": false,
      "recovery_days": 91,
      "recovery_date": "2024-11-06",
      "causeEn": "Recession fears"
    },
    {
      "period": "2020: 9月2日 - 9月23日",
      "days": 21,
      "high": 12420.54,
      "low": 10833.33,
      "decline": -0.128,
      "category": "narrative_break",
      "cause": "新冠疫情",
      "active": false,
      "recovery_days": 69,
      "recovery_date": "2020-12-01",
      "causeEn": "COVID pandemic"
    },
    {
      "period": "2025: 10月29日 - 3月30日",
      "days": 152,
      "high": 26119.85,
      "low": 22953.38,
      "decline": -0.121,
      "category": "narrative_break",
      "cause": "估值消化",
      "active": false,
      "recovery_days": 16,
      "recovery_date": "2026-04-15",
      "causeEn": "Valuation reset"
    },
    {
      "period": "1999: 7月16日 - 8月10日",
      "days": 25,
      "high": 2459.48,
      "low": 2163.77,
      "decline": -0.12,
      "category": "narrative_break",
      "cause": "泡沫前震荡",
      "active": false,
      "recovery_days": 15,
      "recovery_date": "1999-08-25",
      "causeEn": "Pre-bubble shakeout"
    },
    {
      "period": "1999: 4月9日 - 4月19日",
      "days": 10,
      "high": 2232.47,
      "low": 1967.58,
      "decline": -0.119,
      "category": "narrative_break",
      "cause": "泡沫前震荡",
      "active": false,
      "recovery_days": 7,
      "recovery_date": "1999-04-26",
      "causeEn": "Pre-bubble shakeout"
    },
    {
      "period": "2000: 1月3日 - 1月6日",
      "days": 3,
      "high": 3790.55,
      "low": 3340.81,
      "decline": -0.119,
      "category": "narrative_break",
      "cause": "互联网泡沫",
      "active": false,
      "recovery_days": 13,
      "recovery_date": "2000-01-19",
      "causeEn": "Dotcom bubble"
    },
    {
      "period": "1999: 4月26日 - 5月25日",
      "days": 29,
      "high": 2260.66,
      "low": 1999.04,
      "decline": -0.116,
      "category": "narrative_break",
      "cause": "泡沫前震荡",
      "active": false,
      "recovery_days": 27,
      "recovery_date": "1999-06-21",
      "causeEn": "Pre-bubble shakeout"
    },
    {
      "period": "1991: 4月17日 - 6月24日",
      "days": 68,
      "high": 283.39,
      "low": 250.88,
      "decline": -0.115,
      "category": "narrative_break",
      "cause": "",
      "active": false,
      "recovery_days": 51,
      "recovery_date": "1991-08-14",
      "causeEn": ""
    },
    {
      "period": "1999: 2月1日 - 3月2日",
      "days": 29,
      "high": 2130.93,
      "low": 1888.66,
      "decline": -0.114,
      "category": "narrative_break",
      "cause": "泡沫前震荡",
      "active": false,
      "recovery_days": 27,
      "recovery_date": "1999-03-29",
      "causeEn": "Pre-bubble shakeout"
    },
    {
      "period": "2019: 5月3日 - 6月3日",
      "days": 31,
      "high": 7845.73,
      "low": 6978.02,
      "decline": -0.111,
      "category": "narrative_break",
      "cause": "中美贸易战",
      "active": false,
      "recovery_days": 30,
      "recovery_date": "2019-07-03",
      "causeEn": "US-China trade war"
    },
    {
      "period": "2021: 2月12日 - 3月8日",
      "days": 24,
      "high": 13807.7,
      "low": 12299.08,
      "decline": -0.109,
      "category": "narrative_break",
      "cause": "紧缩预期",
      "active": false,
      "recovery_days": 32,
      "recovery_date": "2021-04-09",
      "causeEn": "Tightening fears"
    },
    {
      "period": "2000: 1月21日 - 1月28日",
      "days": 7,
      "high": 3849.96,
      "low": 3446.13,
      "decline": -0.105,
      "category": "narrative_break",
      "cause": "互联网泡沫",
      "active": false,
      "recovery_days": 6,
      "recovery_date": "2000-02-03",
      "causeEn": "Dotcom bubble"
    },
    {
      "period": "2018: 3月12日 - 4月2日",
      "days": 21,
      "high": 7131.12,
      "low": 6390.84,
      "decline": -0.104,
      "category": "narrative_break",
      "cause": "加息担忧",
      "active": false,
      "recovery_days": 63,
      "recovery_date": "2018-06-04",
      "causeEn": "Rate-hike fears"
    },
    {
      "period": "1995: 9月11日 - 10月9日",
      "days": 28,
      "high": 609.75,
      "low": 546.93,
      "decline": -0.103,
      "category": "narrative_break",
      "cause": "",
      "active": false,
      "recovery_days": 24,
      "recovery_date": "1995-11-02",
      "causeEn": ""
    },
    {
      "period": "2018: 1月26日 - 2月8日",
      "days": 13,
      "high": 7022.97,
      "low": 6306.1,
      "decline": -0.102,
      "category": "narrative_break",
      "cause": "波动率恐慌",
      "active": false,
      "recovery_days": 29,
      "recovery_date": "2018-03-09",
      "causeEn": "Volmageddon"
    },
    {
      "period": "2000: 3月10日 - 3月15日",
      "days": 5,
      "high": 4587.16,
      "low": 4130.01,
      "decline": -0.1,
      "category": "mechanical_scare",
      "cause": "互联网泡沫",
      "active": false,
      "recovery_days": 7,
      "recovery_date": "2000-03-22",
      "causeEn": "Dotcom bubble"
    },
    {
      "period": "1998: 4月22日 - 6月3日",
      "days": 42,
      "high": 1290.9,
      "low": 1163.98,
      "decline": -0.098,
      "category": "mechanical_scare",
      "cause": "俄罗斯/LTCM",
      "active": false,
      "recovery_days": 20,
      "recovery_date": "1998-06-23",
      "causeEn": "Russia / LTCM"
    },
    {
      "period": "1999: 10月11日 - 10月18日",
      "days": 7,
      "high": 2578.88,
      "low": 2362.11,
      "decline": -0.084,
      "category": "mechanical_scare",
      "cause": "泡沫前震荡",
      "active": false,
      "recovery_days": 11,
      "recovery_date": "1999-10-29",
      "causeEn": "Pre-bubble shakeout"
    },
    {
      "period": "1995: 7月17日 - 7月19日",
      "days": 2,
      "high": 596.91,
      "low": 547.12,
      "decline": -0.083,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 50,
      "recovery_date": "1995-09-07",
      "causeEn": ""
    },
    {
      "period": "1996: 2月22日 - 3月8日",
      "days": 15,
      "high": 643.41,
      "low": 591.71,
      "decline": -0.08,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 45,
      "recovery_date": "1996-04-22",
      "causeEn": ""
    },
    {
      "period": "1992: 1月15日 - 1月21日",
      "days": 6,
      "high": 355.6,
      "low": 328.04,
      "decline": -0.078,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 22,
      "recovery_date": "1992-02-12",
      "causeEn": ""
    },
    {
      "period": "2021: 9月7日 - 10月4日",
      "days": 27,
      "high": 15675.76,
      "low": 14472.12,
      "decline": -0.077,
      "category": "mechanical_scare",
      "cause": "紧缩预期",
      "active": false,
      "recovery_days": 24,
      "recovery_date": "2021-10-28",
      "causeEn": "Tightening fears"
    },
    {
      "period": "2019: 7月26日 - 8月5日",
      "days": 10,
      "high": 8016.95,
      "low": 7415.69,
      "decline": -0.075,
      "category": "mechanical_scare",
      "cause": "中美贸易战",
      "active": false,
      "recovery_days": 81,
      "recovery_date": "2019-10-25",
      "causeEn": "US-China trade war"
    },
    {
      "period": "2021: 4月16日 - 5月12日",
      "days": 26,
      "high": 14041.91,
      "low": 13001.63,
      "decline": -0.074,
      "category": "mechanical_scare",
      "cause": "紧缩预期",
      "active": false,
      "recovery_days": 33,
      "recovery_date": "2021-06-14",
      "causeEn": "Tightening fears"
    },
    {
      "period": "2024: 3月22日 - 4月19日",
      "days": 28,
      "high": 18339.44,
      "low": 17037.65,
      "decline": -0.071,
      "category": "mechanical_scare",
      "cause": "衰退担忧",
      "active": false,
      "recovery_days": 26,
      "recovery_date": "2024-05-15",
      "causeEn": "Recession fears"
    },
    {
      "period": "1989: 6月7日 - 6月30日",
      "days": 23,
      "high": 219.88,
      "low": 204.59,
      "decline": -0.07,
      "category": "mechanical_scare",
      "cause": "储贷危机",
      "active": false,
      "recovery_days": 55,
      "recovery_date": "1989-08-24",
      "causeEn": "S&L crisis"
    },
    {
      "period": "1987: 8月26日 - 9月21日",
      "days": 26,
      "high": 211.16,
      "low": 197.26,
      "decline": -0.066,
      "category": "mechanical_scare",
      "cause": "黑色星期一",
      "active": false,
      "recovery_days": 11,
      "recovery_date": "1987-10-02",
      "causeEn": "Black Monday"
    },
    {
      "period": "1998: 2月26日 - 3月5日",
      "days": 7,
      "high": 1206.97,
      "low": 1126.83,
      "decline": -0.066,
      "category": "mechanical_scare",
      "cause": "俄罗斯/LTCM",
      "active": false,
      "recovery_days": 20,
      "recovery_date": "1998-03-25",
      "causeEn": "Russia / LTCM"
    },
    {
      "period": "1991: 11月13日 - 11月25日",
      "days": 12,
      "high": 302.83,
      "low": 283.02,
      "decline": -0.065,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 21,
      "recovery_date": "1991-12-16",
      "causeEn": ""
    },
    {
      "period": "1997: 8月20日 - 8月28日",
      "days": 8,
      "high": 1145.07,
      "low": 1070.57,
      "decline": -0.065,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 41,
      "recovery_date": "1997-10-08",
      "causeEn": ""
    },
    {
      "period": "1997: 5月27日 - 6月4日",
      "days": 8,
      "high": 984.61,
      "low": 921.96,
      "decline": -0.064,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 13,
      "recovery_date": "1997-06-17",
      "causeEn": ""
    },
    {
      "period": "1987: 4月3日 - 4月27日",
      "days": 24,
      "high": 191.36,
      "low": 179.55,
      "decline": -0.062,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 52,
      "recovery_date": "1987-06-18",
      "causeEn": ""
    },
    {
      "period": "1996: 12月9日 - 12月16日",
      "days": 7,
      "high": 856.64,
      "low": 804.78,
      "decline": -0.061,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 22,
      "recovery_date": "1997-01-07",
      "causeEn": ""
    },
    {
      "period": "2024: 12月16日 - 1月14日",
      "days": 29,
      "high": 22096.66,
      "low": 20757.41,
      "decline": -0.061,
      "category": "mechanical_scare",
      "cause": "衰退担忧",
      "active": false,
      "recovery_days": 31,
      "recovery_date": "2025-02-14",
      "causeEn": "Recession fears"
    },
    {
      "period": "1999: 9月20日 - 9月29日",
      "days": 9,
      "high": 2545.41,
      "low": 2398.78,
      "decline": -0.058,
      "category": "mechanical_scare",
      "cause": "泡沫前震荡",
      "active": false,
      "recovery_days": 9,
      "recovery_date": "1999-10-08",
      "causeEn": "Pre-bubble shakeout"
    },
    {
      "period": "1996: 10月15日 - 10月29日",
      "days": 14,
      "high": 775.08,
      "low": 731.21,
      "decline": -0.057,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 8,
      "recovery_date": "1996-11-06",
      "causeEn": ""
    },
    {
      "period": "1997: 8月6日 - 8月15日",
      "days": 9,
      "high": 1141.82,
      "low": 1076.67,
      "decline": -0.057,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 5,
      "recovery_date": "1997-08-20",
      "causeEn": ""
    },
    {
      "period": "1993: 11月2日 - 11月22日",
      "days": 20,
      "high": 395.32,
      "low": 373.37,
      "decline": -0.056,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 10,
      "recovery_date": "1993-12-02",
      "causeEn": ""
    },
    {
      "period": "1991: 3月7日 - 3月12日",
      "days": 5,
      "high": 264.57,
      "low": 250.67,
      "decline": -0.053,
      "category": "mechanical_scare",
      "cause": "",
      "active": false,
      "recovery_days": 14,
      "recovery_date": "1991-03-26",
      "causeEn": ""
    },
    {
      "period": "2016: 10月24日 - 11月4日",
      "days": 11,
      "high": 4909.97,
      "low": 4660.46,
      "decline": -0.051,
      "category": "mechanical_scare",
      "cause": "2016 年初恐慌",
      "active": false,
      "recovery_days": 39,
      "recovery_date": "2016-12-13",
      "causeEn": "Early-2016 selloff"
    },
    {
      "period": "2020: 6月10日 - 6月11日",
      "days": 1,
      "high": 10094.26,
      "low": 9588.48,
      "decline": -0.05,
      "category": "mechanical_scare",
      "cause": "新冠疫情",
      "active": false,
      "recovery_days": 11,
      "recovery_date": "2020-06-22",
      "causeEn": "COVID pandemic"
    }
  ],
  "summary": {
    "totalCount": 59,
    "medianDays": 26,
    "medianDecline": -0.105,
    "maxDecline": -0.829,
    "maxDuration": 924,
    "bearMarkets": 8
  },
  "categories": [
    {
      "id": "mechanical_scare",
      "name": "技术性惊吓",
      "range": "5%-10%",
      "duration": "1-4周",
      "color": "#faad14"
    },
    {
      "id": "narrative_break",
      "name": "叙事崩塌",
      "range": "10%-15%",
      "duration": "1-3个月",
      "color": "#fa8c16"
    },
    {
      "id": "policy_shift",
      "name": "政策逆流",
      "range": "15%-30%",
      "duration": "3-12个月",
      "color": "#f5222d"
    },
    {
      "id": "exogenous_shock",
      "name": "外生冲击",
      "range": "30%-45%",
      "duration": "不确定",
      "color": "#722ed1"
    },
    {
      "id": "credit_destruction",
      "name": "信用崩塌/科技泡沫",
      "range": ">45%",
      "duration": "1-3年",
      "color": "#820014"
    }
  ]
}