Is the market even doing price discovery anymore, or just absorbing scheduled flows?

Every pullback this year has gotten bought within days, sometimes hours. Doesn't seem to matter what the news was or whether the multiple already looked stretched going in.

Genuinely curious how much of that is people finding real value at lower prices versus just the mechanical stuff, 401k contributions, target date fund rebalancing, buybacks running on autopilot, all landing on the same schedule no matter what the headlines say that week.

Not saying it's a bad thing. Just wondering how much of the buy the dip reflex is actual conviction versus plumbing at this point.