The chart line in red is the Russell Growth 1000 index as a ratio to the Russell 1000 Value Index. This relationship shows in history that it can lag the movement of the S&P 500 as represented by the SPY, the black line.But perhaps was always correct in that the S&P has always recovered.
It is interesting that at this moment they are 1 : 1. Growth at 1010.41 and Value at 1012.79. Theoretically, investors are indifferent to which group of stocks is better. Or, perhaps investors are confused. Regardless, this could be a turning point in sentiment.
It is obvious from the chart that sentiment turned to less risk at the red peak January 2016.