For a long time now one of the most consistent patterns in the market has been buying dips created by negative headlines. It has worked so consistently for so long that it has become a bit of a joke in the trading community. Bad news such as terrorist attacks, nuclear war with Korea, Trade wars with China and even President Donald Trump himself have consistently result in automatic and energetic buying.
Typically when a pattern becomes as routine as "buy the dip" it stops working. The move is anticipated and it is discounted before it can even begin. We saw this morning when the market opened in positive territory although futures had been negative all night due to the economic crisis in Turkey. Buy the dip worked if you bought premarket but it failed miserably now as the market reversed intraday.