It's an FX based move.

While there may be some fundamental news behind the Currency move or it may just be the normal intraday jiggles of the market, it seems $AUD once again is providing a leading correlation for the market.

Here's the SPY in green and the $AUD in red, note the drift down fro the opening highs in the SPY and around 11:30 an attempt to bounce in the SPY, the $AUD did not attempt to bounce and kept heading lower, eventually killing off the start of a bounce in the SPY. Similarly, the $AUD made a higher low at the white arrow and the market followed it.