When illiquidity rears its ugly head, one has to sell what is liquid to deleverage - namely big cap issues. Parabolic stock moves are regressing to the mean amidst a period of extraordinary leverage. This will effect the entire market. The downside of leverage cannot be an isolated event. The deleveraging process extracts order by drawing on whatever liquidity is available at the time.
Leverage is the pin in the grenade.
Tim's chart work is simply indispensable in a period such as this. The perspectives brought to bear by the pictures are invaluable. The evolution and conclusion of a mania. The 1929 experience dramatically typifies that even secular bear markets are a process, not events to be concluded in a week or two. Watch Tim's channel work closely.