At this point confidence has taken a hit, the market will move higher as that improves. Why it improves won't matter. Sometimes people get bored of doom, seller exhaustion. We aren't to that point yet, you'll know it when the market heads higher on bad news.
Not getting into politics but TDS plays a role here, libs are wealthy and orange man scares the shit out of them. People don't make risk on financial decisions when they are that scared. THe discussion of if they should be scared is irrelevant. This has been enough chaos to cause even the normally stalwart to become cautious and now daydream of fiery hellscapes.
It's why JPow matters, especially to that group, they need a guy on their side giving them confidence to invest and right now he is giving them nothing.
I try not to spend too much time on this type of why and what of it thinking, I trust that capital will want to find a home where it will be rewarded. That's going to be in risk assets. Ideology eventually will be pierced by something more primordial and that's greed. That could be 8 months away though.
In the nearer term corrective periods are still a cycle of vicious rallies, failure to make new highs, and make a new low and repeat until the above exhaustion dynamics come in. In a strong trend that doesn't take much and corrections are short. The market is behaving in a manner more consistent with a longer period of decline.
There is still time for the low to be in, but we must pressure the down trend line and soon. Red screens can suck but just have to take it a day at a time and pay attention to the price action week to week, not every 5m candle. We need a decent day today, no new lows, and then end the month challenging levels that pressure the down trend (5500-5600)