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Technically Speaking
If you're looking to explain recent weakness in equities, you don't have to look very far: It's those damn bonds, and specifically the long-end of the US Treasury curve, which can't sustain a bid to save its life.
I'd say it's not only that, but really it is. The bond selloff is a manifestation of the "higher-for-longer" narrative, and the reals-led character of the rout explains the nascent de-rating in equities -- the prospect of A.I.-driven margin expansion at some distant point in the futur
Technical analysis is, at minimum, useful as a shorthand way of describing how stocks are acting. If you say a stock is backing and filling, testing resistance, breaking down through 50 mva, other investors know what that means.
How predictive it is, opinions vary, and what is “it”? Simply looking at single stock price chart, or looking at price chart plus volume plus options plus estimate revisions plus behavior of industry comps plus . . .