XLU was hands down the VEGA winner, a pattern we've noted before on weak days.
Otherwise, there was heavy selling across all the sectors with energy (XLE) taking a big hit and QQQ, which has actually led SPY in +momentum over much of the past 6 weeks, ended up at the bottom of the pack.
Bonds surged, (aka TLT) as expected, and we have now gone from overbought SPY conditions to nearly oversold in a matter of 3 days.
Today's selling is likely to beget more selling as the NYAD didn't come close our typical low teens reversal levels. For now cash is king until prove otherwise.