By the looks of the S&P Up/Down volume there was muted participation in the early morning squeeze/rally.
Prices advertised higher are not catching bids and prices advertised lower continue to be accepted. At the same time, the U.S. Dollar index is coming into a 50% retrace of the previous August-September selling, with thinner and narrower trading ranges.
We can possibly view today's selling of the morning momentum as a throwback to a broken trend line, where we've seen 3-pushes to a low with today's higher low on the close. However, today also so a lower price low (on the opening push) followed by a lower high, so the impetus is with the bears.
A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
15m & 5m with 3/10macd
I didn't take the 1st up arrow (on the 5m price chart) long entry.
I also probably "should have" taken a short entry just as my long failed at the 11:00am up arrow.