$SPDR S&P 500 ETF Trust(SPY)$ U.S. top 100 pension funds are currently 110% funded, meaning they have $1.10 available for every $1.00 they owe to future retirees, which is a strong position.

Because they have ample assets and want to protect these gains from a market correction, they are undergoing a process called degliding.

This means they are automatically shifting their strategy away from risky growth assets like stocks and moving that money into safer, more predictable investments like bonds to lock in their gains.

This massive, pre-programmed shift creates a wave of automatic stock selling and bond buying that can cause a temporary dip in the market, but it's essentially technical housekeeping.

It will likely stabilize in July.