Running discussion on SP, page-62140

It makes sense... because these one to few day blips are herd movements and are usually small time investors, not the big boys.

Especially in the US where options trading on margin is much more prevalent with small time investors, a down day could result on sell off in better performing sectors to cover losses.

Also remember that indexes are no longer clear representative of the market. Growth/value can have a good rally but the index fall because FAANG or other big names like Nvidia/Tesla/AMD. Conversely commodity/banks/industrials can tank but have a UP day on the index because FAANG TESLA AMD etc has a rally.