We all know what happened last night and probably have realized the world is still spinning and life will go on.
The question… “how can the market drop that far that fast?” Is easier to answer with the chart on the left.
whole crash from very top 2 mi 20s
The chart above (click for larger) is a zoom inside the below 1 min candle. Each bar in the above chart = 1 handle.
You can see by the purple arrows in the above chart the selling started up 1422.25 then proceeded to tumble into 1391.25 before the market found a bottom and recovered almost as fast. Much like the FLASH crash on May 6, 2010 just MUCH MUCH faster.
The chart below shows the 1 min candle in-which the ‘flash’ occurred last evening post fiscal talks failure..
1 min ES zoom
The market is held together with tinker toys and i along with many others have publicly voiced concerns about the next crash occurring in seconds not hours not days. I guess we got out lucky this time.
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