I think the move down is entirely due to the fed who is both...

I think the move down is entirely due to the fed who is both down ramping the market with hawkish talk and selling the indices. The chart below is the DJIA daily and it has already broken the 50 and 100 MAs (so has the S&P500). The red line is the 200 MA. If it breaks that it will trigger a massive rotation out of stocks and into bonds, which is what the fed wants.