Dropping a slinky

A slinky is a toy that is a flexible helical spring that can be made to somersault down steps. It's a toy that was invented by Robert T. James in 1943. But what happens when a slinky is dropped. The attached video shows a slinky being dropped. You can see that the bottom of the slinky appears to remain in one place as the top of the slinky catches up to. It almost looks like the slinky is floating in air. How does this happen? The gravity of the top of the slinky is pulling down and the spring tension of the bottom of slinky goes up. The rest of the video will explain more.