This sustained day to day market fluctuation is unprecedented. Never before have we had so many plus/minus 3% or greater days. This is crazy - options are too expensive. When is it going to stop?
This will probably continue for a while. I say that based upon both technical and fundamental factors. Even if we completely remove fundamental factors there's so much damage done to larger charts, that there's far more scenarios that this movement will continue as oppose to it not. But it is trading so as I always say I don't go all in and I just trade what I see intra-day Scenario #1: This one is pretty simple and straight forward, if we continue to see people using any ramps to sell into the liquidity, than we will likely continue to have limit downs, limits up, circuit breakers hit and short covering rallies. Scenario #2: While it is true markets can continue moving higher when in an overbought situation(as demonstrated in the weeks / months prior to all this starting). The distinguishing factor when trading over bought scenarios comes down to are bulls or bears in control(there's difference ways people measure this but too long of a post to go into great detail about that). If we were to have several days or several big rallies that went straight up fast and furious this would likely cause an overbought scenario, which would be extremely difficult for the move to sustain it's self even short term given the readings on the charts and would result in a pretty high probability (around 83%) that at least 70% of the overbought move would be retraced likely within days to a week max(if trading it on a daily chart). Again different ways to measure overbought, but none the less the overall concept remains the same. Scenario #3 Let's say we stay relatively range bound... that is still likely to see some limit ups and limit downs or at the very least 3% moves. This is just the way I see it. I find it hard to see a scenario where the movement isn't going as you say at least 3% in one direction every day. But interesting to hear if anyone else disagree or can offer another opinion.
Just wait until a reliable source sez the crisis is over -- then you'll see a pop of limit-up snaps that will go for days in one direction.