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The Correlation isn’t the cause of the problem, it’s a symptom. This is a liquidity-driven market. In a liquidity-driven market, the Dollar functions as the global pressure valve. Adding Trillions in liquidity to the system, the Dollar falls, and money is driven into risk assets. As liquidity recedes at the margin (which is happening for a while now), the Dollar begins to chop sideways or even rally sharply, and Equities suffer.
https://macrocharts.blog/2020/10/12/halfway-there-and-back-again-thoughts-on-year-end-and-2021/
Its all about the dollar, and politics plays into this DIRECTLY.
You can also add the 10 year yield and the oil price to the mix.
If the yield is rising it means cash is leaving the bond market, into equities; and vice versa.
If oil price is rising this lifts the whole market generally, especially financials: and vice versa.
This will go on as long as the tap is open.
The top is in when they decide to crash it all. They being the Fed. They are the market now.