There is still quite a bit of "buy the dip" mentality, which I believe is transitioning into "sell the rally". Just look at the S&P or Nasdaq last 6 months. We had higher highs earlier this summer, albeit marginally so, and in the last couple of months we've been seeing lower highs plus that rapid drop a month ago, which even 4 weeks later the market only had enough conviction to retrace 50% of (on the S&P). We're also seeing several death crosses. This all adds to wariness, transitioning more people from dip buyers to rally sellers.