S&P 500 Futures - The stop hunt before the next move higher?

Trading SPY, QQQ, or its futures counterparts had people checking their swing trades! A previous pivot point near the 0.382 level showed an area of piled up stop loss orders. With a glimpse of all time highs early in the morning a new measurement was required at the over night swing level. Price took the elevator down to grab the liquidity before moving higher? Or will this mark a reversal point for the S&P 500?