Buying the Dip

Get the sense there is a lot of Buying the Dip ("BTD") going on in equities YTD. I define BTD as buying for the sake of buying just because there's been a down day.

On many occasions I've seen the market open substantially down and then it's green the rest of the day, due to what I can only surmise to be BTD with no real support in fundamentals, or even technicals for that matter. Take SPX on Aug. 8 - to my knowledge there was no new information between 9.30AM and 11AM to spark a market wide reversal, so seems obvious to me that this is habitual BTD:

My question is, is this primarily retail, institutional, or both? My guess is it's a retail phenomenon in which case, how much cash do participants have left to continue BTD? When do they run out of juice? Surely savings are being depleted and only so much rotation into equities can occur. Makes me wonder if Billy Bob down the street is just levered to the tits but I can't be certain.