The TrendX chart below tells the tale...down to sideways momentum with a closing in modest positive territory. Also check the SPY daily TrendX in the right panel >>>>>>>>>>>
SPY is currently at the momentum/relative strength level from which it reversed in November.
Adding to the confusion... XIV was actually green for part of the day although it didn't close that way, ultimately diverging from SPY momentum, and M3 is now in a wait and see mode.
Certainly not a washout the past few days.... the NYAD advance/decline line has never fallen to the sub teen level that characterize true selling. Time for a rebound?