Many, if not most, market players tend to be absolutists. They are either bulls or bears and root for the market to move only in their favored direction. These folks have little tolerance for short-term volatility. It just interferes with the longer-term target they are certain will be surpassed.
In the days prior to the dominance of computer algorithms, astute traders enjoyed the ebb and flow of the market. They sold the rips and bought the dips and were always confident that there would be a series of ups and downs to offer some new opportunities.
The computer algorithms have replaced some of this natural ebb and flow with V-shaped moves and disdain for key technical levels, but there still is some natural volatility at times. We are seeing it right now as stocks pull back following a big move last week and the best June in many years.
The selling at this point is nothing more than the natural ebb and flow of a normal market. It could still easily develop into something more dramatic but there is no reason for panic selling at this point. Positions need to be managed carefully to make sure losses don't accelerate but if you aren't a growling bear this is the sort of action that creates opportunities as well. If this is just a pause that refreshes the key stocks will reassert themselves again very soon.
The important thing is that not every dip or every rally is meaningful. There is a natural ebb and flow to the market action. That doesn't mean you should be undisciplined but keep in mind that there is nothing particularly significant about the current action.