I think there is some other factors at play here too. For NYSE, Cash reserve requirements recently were upped and yesterday a memo went out on a recorrection of fees of a $500 million valuation in event of a margin calls so market liquidation is necessary. When they were initially due a few weeks ago, is when the SPY couldnt sustain its $4200 valuation and sharply initiated a bear market which has been weighing down prices. Also severe inflation concerns over all the printed money and synthetic shares lately.