The stock market’s drop Monday is showing panic-like characteristics for the first time in three months, according to the NYSE’s Arms Index, which is a volume-weighted breadth measure used to gauge the intensity of buying and selling. The Arms, which tends to rise above 1.000 when the broader market falls, hiked up to 2.254 in afternoon trade. Many technicians view rises above 2.000 to indicate panic-, or capitulation-like, selling. The number of declining stocks outnumbered advancing stocks 1,781 to 1,114, or by a ratio of 1.60 to 1. Meanwhile, volume in declining stocks was 235.1 million shares versus 65.2 million shares of advancing stocks, for a much higher ratio of 3.61 to 1. The Dow Jones Industrial Average was down 161 points and the S&P 500 was down 0.5%. The last time the NYSE’s Arms Index closed above 2.000 was April 6, when it closed at 3.01, and the Dow tumbled 572.46 points and the S&P 500 shed 2.2%.