The SPYs couldn't find a bottom until after 3PM EST. While they rallied after that, note the heavy volume of selling at the end. If the selling had started sooner there may have been a big end-of-the-day sell-off.
The QQQQs were down a touch (.09%), largely because of the strong computer industrial production figure. Traders were obviously looking for a tech rebound. But notice that like the SPYs there was a big volume spike at the end of the day.
The IWNs just couldn't get any momentum today. They hit the same floor twice, tried to rally from there and just couldn't make it.
Short version -- the markets just aren't that happy right now.
