There is absolutely no reason to buy at yesterdays level. The buyers who bought the bounce weeks ago in fact had incentive to sell in to Friday strength. So we had a day where market dived on low volume and pretty much kept going down. There were no dip buyers.
The last Friday action was spooky and unexpected. A rally when 65 days bull/bear ratio is negative is always a tactical play. Probability of it failing or retracing is always higher. The market has behaved as per that script so far.
Many headlines were attributing the sell off to Fed meting minutes. But I don't see that as consequential. The market was technically due for pullback and that is what happened. Low volume on this move makes it tricky and by end of week, we might rally back in to recent high.