PPT, exactly. They don’t need to do too much depending on volume, just enough to affect technical levels, especially the 200dma.
These signals drive the algos, and the signal is all that is needed. Once the algos take off the PPT can even sell back into the market and replenish the ESF.
Who knows how much juice they have, and how much sell volume they can handle, and at what speed. These things are being tested, but I am pretty sure they have significant headroom.
just a few big mega-levered futures contracts can move the needle/stop the bleeding, then traders smell momentum moving to the upward direction and then they pile back in.
it's just trading. it's how traders make money. the rest of us rely on the long term upswing of the markets. It's slower, but more sure.