RE:Hard to understand SP downward rangeLook at the bloodbath in the entire tech sector. Personally, I'm still holding a full GSI.V position (thought it would be relatively safe given the 0% exposure to ETFs) but I liquidated all my other tech/semiconductor exposure to rotate into the value picks. I rotated that capital into oil equities myself that were still trading under book value despite crude oil being over $60/barrel.
I'm no expert in the bond market, but yields are also rising which is another concern for the equities market.