I don't know if many on the forum have a working knowledge of the repo market but did you notice the spike upward

To me this spells a lack of cash and the reason for the lack of cash is risk aversion

I warned about the debt incurred on buy back and the many zombie companies that can not operate in an environment of higher int rates, but are accustomed to the usual  roll of the debt at low rates..

Unless the repo market reverses I fear we will see many companies stranded with no access to the usual cash they were accustomed to, to pay old debt on a roll over of debt

I have to think this will spill over into stk market values and no market that has a company listed with debt or cash flow problems will respect lines of resistance on the down ward leg