Do you feel blood? It took about 2.5 months for S&P500 to rise from 1050 to 1200. It only took about 1 month to reverse the whole gain!
Based on daily charts, the US market indexes are almost at the oversold position. This is a panic selling because every asset class except US Treasuries are being sold intensely.
I believe that a rebound is imminent in this few days. I interpret this mini-selling as just a normal correction. The real one will come later.