The $SPY posted a massive $10 reversal from early morning highs yesterday. S&P500 futures touched 2700, and that figure proved to be too much to handle.
The sell off hit an extreme late in the day as bid support vanished.
Those looking for the bottom should keep their eyes on small caps. They have led this pull back, falling first, and unlike $QQQ and $SPY, $IWM has yet to trigger a momentum shift. When it does I thin there is a goo d chance the bottom is in for now.
Until then these morning rips are likely to keep getting sold.