The strong data today such as GDP, Durable Orders and Jobless Claims should have contained the indexes from large drops and it did not.
The link below will show you the MTD of key indexes. SPX is doing much better than NDX. This can be just sector rotation rather than the initial days of a large move. We will not soon.
We had a calm period since mid-Q4 now volatility is picking up but not in every sector.