Every Rally is going to be sold until the Yen Carry Trade is unwound.

The Rally this morning was due to Japanese Central Bank releasing a statement overnight that they would be conscious of the impact to Global Markets before raising rates further.
I don't know why the market got excited about that.
I mean they didn't drop rates & there are still plenty of people that need to unwind their trade.
And the lower stocks drop, the more Fund Managers that utilize the Yen Carry Trade will become offsides & need to sell.
The reason that the high flying momentum stocks reached the levels that they did is in large part to fund managers utilizing the Yen Carry Trade to leverage up and play the momentum game in these high flyers,
There is no telling how low these stocks can go until the Yen Carry Trade is unwound.

Short Term people are underestimating just how risky this unwind is to the markets.
Long Term the "Free Money" Yen Carry Trade just became more expensive, less attractive , and riskier for Fund Managers to utilize.
This means that going forward there will be less Free Yen Funny Money for Fund Managers to leverage up and pour into stocks