"Buyers Strike" Is "Tactically Bearish": Goldman, JPMorgan Traders Discuss Today's Slow-Mo Meltdown

With many international markets closed, trading volumes are muted (total shares traded across all US exchanges are -35% vs 20dma) and liquidity is non-existent (S&P Emini top of book depth now back below $2mm vs historical avg of $13mm although above last week's record low sub-$1mm), but ETFs (a proxy for shorting activity) currently 34% of total tape vs 28% historical avg.