Here's what will happen: -In pre-market, QQQQ, SPY and DIA will point to a slightly lower open -In the 10 first minutes of trading, the market will edge up -At 9:40, the drop will resume -At 4:00pm Nasdaq will have droped by more than 7%, DJIA by more than 5% and SP500 more than 6% -On May 24, the drop will resume with an extra 2-3% on the down side
Even if the market goes down, I think your percentage loss points for the indices are a little extreme for one day. Remember how everyone freaked on the 500 point loss in the end of February, but that was sparked by the Chinese market losing 10% in one day.
so far the pre-market is pointing to a higher open. We may even see a new all time high for the dow. It doesn't look as if the market will pull back any time soon, because too many people are expecting it and just when the average joe (odd lot) thinks it's going to go down, the market does the opposite.