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I stated on the show over the past few days that the current market moves are mere blips compared to what only weeks ago appeared as gigantic moves of enormous size and scope. To reiterate, it was mere weeks ago that represented what was the essence of what had been transpiring for years. i.e., that a one or two percent daily move was looked upon as “What a day!” territory.
Today – it’s hardly a blip, literally.
To illustrate this point I’m posting a chart of the S&P 500™ represented via 15 min bars/candle intervals as of this writing, approximately 1:00pm ET. The red arrow in the lower right-hand corner represents a nearly 9% move from the opening bell till this posting. And no, that’s not a typo. The Dow itself is up over nine percent, again, as of this writing.
Here’s that chart. To wit:
Context: Absolutely stunning no matter how you view it.
© 2020 Mark St.Cyr