The market has made momentum chasers reconsider their moves a few times this year after it appeared an important technical level had been breached. Most recently, the failed higher high in September saw a quick pullback, while the lower low on October 4 led to a 14%+ rally to the $SPY falling one penny short of a new multi-month high yesterday.
It is too early to say that this will happen again, but it is definitely a scenario to be aware of. We have been talking of a “higher low” and it will take a move below 119 for this market to violate that low, but that level is still far enough away to cause damage to account balances. A strong defense wins this game!