For those of you that use lines of resistance, fib etc. I will make my prediction right now as to what all this means
A retracement all the way down to 17000 or a bit below before we find the 1st real line of support. Lower highs and all that stuff.
My other prediction holds as well that the Fed will panic and try to reflate the balloon. They will fail as they always do, as they can not with draw liquidity from a balloon with out a big problem. They tried the stealthy approach but Munchin blew the cookies with his Sunday call to the big banks and then went public about how all was well. If all was well why do anything???
The answer is because Trump wanted to lean on somebody for the market collapse, which would likely have done a small dip and then recovered most of the loses. But, somebody had a near heart attack and all heck broke lose. So: the damage has been done and down we go. If the market even thinks it smells trouble and that is all it takes.
See you at 17000 or a bit less