Prepare for higher interest rates, propping stocks up lets the FED redeem the Dec rate increase move. They lost a ton of credibility. The Fed doesn't raise when a "crisis" situations exists. But with SP 500 touching 50 day MA, yep lots of panic...
I've been watching trading for a good number of years. A lot can be gleaned from watching price action at the smallest level, I would argue most all of our markets are regulated by unspoken mandates to the larger trading houses. The technology is so sophisticated now that algorithms can drive price in any direction chosen by the trading houses. The trading houses back stop is the Federal Reserve. During crisis situations in 2008, the relationship was pretty obvious. If you look at what happened overnight globally normally ES would be down -30... And it's not because the machines haven't been directed to.