This year has been surprising in its lack of volatility and even more surprising or frustrating is the lack of daily range in Indexes considering the new highs most are at. Yesterdays meltdown in the US/Europe was a surprise with a seemingly huge pickup in volatility without news or reason. You could probably make the case that it was finally the market showing skepticism in Trump's ability to push us higher. If that was the case everyone decided that before the market opened and dumped from the start. The first hour on the ES/YM/NQ were noticeable.
There wasn't a lot of stops to take out in that region,
But there was a heap of volume. In fact easily the highest volume this year,
Until the second hour where we did hit a rich area of stops. Then volume continued to pick up as you would expect as two or more weeks of long stops cascade. (Time stamps are Australian. So 22/03/2017 2:00 was from 9 am New York))
What about compared to last year since this year has been so slow? Well it was significant. Out of the last 6000 odd hourly bars going back to the start of 2016 yesterday had three bars in the top 20! And the opening bar was the 16th highest for nearly a year and a half! Think about that. The amount of transactions was comparable to Brexit and the Trump election news. A bar that was within the range of the last few weeks without any significant or surprising news.
So that was the world deciding to turn on a dime before the US open...... or a very well pre-planned Bear raid.