Question.
"Why did the market fail?"
Anser.
It failed because it failed at resistance and that was a signal to take profit and play it safe.
There was no conformation that the rally was going to keep going higher.
Conversation
True. PTON news created a domino effect as well at exactly the wrong time. Then there’s margin calls, mutual fund/ETF liquidations, everyone heading for the exit at the same time and afraid other companies are holding onto bad news as well. A lot will be exposed in coming days.