Yea that really was a ride. Back than nobody was playing for a ticks or even points - the game was to get into the hot stocks and double, tipple, quadruple, etc, etc, your account to infinity - and many did, although most gave it all back.
You have to remember that humans are ultimately behind all of this. It's all fear and greed. In a crash, the fear takes over and traders eventually "puke it up" - they just get rid of everything for fear of losing what they have left. On the upside, greed is there early in the move but once humans have some seriously quick profits - fear again takes over and the selling starts. The fear this time is not losing what you've just made so quickly. I think this is why we don't "crash up". As Robert said, you typically only see these moves as a rebound.
As @Robert Morse says, a broad based index usually doesn't spike 10%. The only time I've seen a massive gap opening was on expiry Friday in I think October 2008. European indices with + gap of 10%. Banks 20%... crazy.... on f^*$'n expiry!! EDIT, maybe it was September... can't remember.
Massive upspikes also in Oct 1998, Jan 2001, Apr 2001 (Greenspan intra-day rate cuts). Sunday night in May 2011 (the OBL capture), there are numerous others. Ask yourself another question though. If the Russell had dropped 16% in two weeks (similar to last winter), what would the reaction be?
in terms of the current rally in US equities, isnt it based purely on the expectation that Trump will be able to execute all his plans? however the uncertainty with the policy is not being considered and it is highly unlikely that Trump will be able to execute all his plans. The valuations Shiller PE are way above average 16 at 27%. So any dout of "Trumpflation" should lead to a large correction in equities. Does it sound probable?
If you want markets with "up crashes", trade commodities. When stocks are low compared to demand, it creates the same kind of fear for commodity commercial users as the one experienced by stock holders on market crash days. But it is a widely known phenomenon, so for example commodity options MM make their smile skewed to the upside.