It's important to note that whenever there were previous bear market pulls like 2020, 2008, 2000... Fed always had room to lower interest rates and calm things down. If (big if and I am not convinced it happens) we get a huge bear market correction to the tune of 20%+, the Fed is now backed into a corner with rates already at 0. Their ammo is quite limited at this point.
I presonally think we see continued rotations. The high flier high growth PE names will be more scrutinized by their books, as raised interest rates will negatively affect these the most. Value will continue to come back into focus.
Travel, which I have posted a lot about, will be the highest risk / reward play for 2022. Individual names are going to be about controlling the money burn. Lots have taken on large loans, dilluted shares with new issuance, etc. If they can't start turning some profits (cruise lines especially), they are going to really start hurting.