It's not hard to tell when the market is no longer in dip mode. HPQ and EBAY both announced spin-offs, but the stocks are well below the announcement prices. Stocks beating earnings do not matter. Big buyback announcement do not matter.
This is just another big unwind of too much leverage in equities. It will finish when people throw in the towel and realize if they were wrong about interest rates, they're probably wrong about stocks too.