It seems I was a bit early to talk about risk aversion returning. After half an hour sell-off lasting from 9:45AM to 10:15AM, the markets have zoomed back up, taking out the earlier highs.
SPX 900 is going to be a key level. If we are able to break out above that level, the market can run some more. The inability to break out over that level might again send us back lower. The market internals are very strong so the probability of taking out 900 is higher. However we are at a turning point, and the best trade is to wait and see where the market goes and then jump on the new trend.