You dont need to know how to speak any language, let alone how spell ,to trade.
And what the OP stated is absolutely true imo.
When you get crazy movements like this in huge indexes, its usualy a bad sign.
Think about all the equities that were in big trouble .. How did they trade months before they went belly up?
Enr (enron), worldcom, Fre, Fnm, Bsc, Leh, list goes on.
They all had incredible range in every direction (including up) but ultimately headed lower.
Anyway thats what my 10 years experience tells me.
We could and probably will still have crazy run ups. But this sort of volatility usualy spells out trouble for the longs.