Just as it always has, momentum works until it doesn't. Generally down trends don't start off of rumors. Matter of fact, news has much less effect on the markets than people realize. If you go back in time and look at the dates that big important news has been released and look at what happened in the markets you would be surprised at how little it actually made a difference. Even 911, which should have been murder on the stock market, was taken just as "meh" in the grand scheme. The downtrend for the bear market was already in place before 911, and 911 did not speed or slow it down, the market just continued on the trajectory and trend it already was on just as it would have done if 911 didn't happen.
The moment you start to realize that things like fundamentals, news, etc don't really matter on any timeframe measured in less than years, the more you'll be free from wondering why the market is not behaving why you expect on a given day, week, month, quarter, or even year. Technicals (measurement of current sentiment, fear, greed, momentum, trend, etc) are THE ONLY thing that matters in the short to medium term. There’s a popular saying amongst traders “the trend is your friend until the bend at the end.” What that means it is best not to bet short term against the current trend until there is technical proof that it’s over, regardless of how much conviction you have or how much it fundamentally might make sense to do so. As long as we are over the major support line at 2800, there really is not enough technical damage to even begin to consider a change in trend.