Price Ranges and Volatility: I Reckon I'll Have Me Some of the Big 'Uns

The initial bounce off the monstrous morning gap down in the market is being worked off sideways at the moment, seen on an intraday chart of the SPY, below. 

In addition, several prominent online brokerages are experiencing technical issues, making it tough for traders to even log-in to the platform, let alone place trades. In addition to wild price swings intraday and surging volatility, these types of issues tend to be symptoms of a distressed, broken market.

With violent price swings, the markets are likely very confused about what is going on and how to process events which we may or may not yet know about. Hence, the randomness of the price action is bound to confuse us, as well. 

I am still in a full cash position here, perhaps eyeing some scalps later today if spreads starts to narrow in terms of market makers. 

As I noted in the Morning Prep earlier (available to everyone today, see prior blog post), the best reversals tend to come later in the day after a failed one or two in the morning. This morning's price action has been a grind higher immediately off the open. So I am still a bit skeptical that we have put in a good low, just yet.