The trouble at the moment, imo, is that markets are confused and...

The trouble at the moment, imo, is that markets are confused and therefore unsure of future directions in the short and medium term. Long term there is no confusion - in the long run markets always rise but funds and institutions also have short and medium term objectives to consider.
Some factors adding to the confusion and worthy of consideration are:

. Inflation - is it or isn't it..? the market isn't sure.
. Monetary policy - will tapering happen..? If so, what time frame - policy makers are giving mixed signals.
. When will crypto currencies be regulated ?
. When will supply chain issues sort out, shipping costs level off..?
. Chinese economy issues.

Until these matters resolve or appear to settle, markets will continue to act like a frightened turtle, skittish and overreacting both to the upside and the down, imo.