I think the big picture is this, after recovery of 40%(38.2% of fib) for the three indices( Dow, SPX, and Nasdaq), Now the serious retracement is arriving, and it's 1st wave, we got see how low it will go( Today's all news are saying economy is improving and the worst is over (read here and here: and yet the market is nose-diving, you will feel confused if you don't know the contrarian)
When market diving, better find its support and wait for it to stand up and long, or else it's late for shorting when it down huge.
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