Even though the SPY fluctuated 500 points, it closed not far from where the open. Looking at today's candle, it was similar to 2/2, a big move down and a consequent close up, little change. Today's move could be attributed to the ECB's interest rate's decision. It cut the interest rates to 0 which rocked the markets initially but soon normalized. I believe this could be the beginning of the next leg down. The strong ISM report (dispelling the worries of a recession) had pushed the markets higher up until now, but this act from the ECB could create confusion about the state of the European economy and the rest of the world.
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