These look like muppet trades to me. Maybe you get a bounce on ERX. I hope you know that a few huge down day in a rows COMPOUNDS SERIOUS DAMAGE. Look at DUST for example or XIV in 2011. XIV will be a good buy long-term in the mid teens.
Good observation, even the VIX topped out. Most of the weak hands are already out. The GOLDEN CROSS on SPY's 1 yr graph still remains intact. Any time SPY takes a $1- $3 haircut, you have to buy the dip especially if you still have the GOLDEN CROSS.
They made it to mid candle. Tough battle going on right there 155.40 to 155.60
The action here is quicker than Monday's early going, so I am definitely waiting and watching before doing any long position.
This will either intensify or peter out. If it peters out then I will look at something long e.o.d