Historically Fed tightening cycles have always led to some sort of market meltdown which inevitably results in another protracted easing cycle:
The question of course is when will such a meltdown occur. However, as can be seen from the above chart these market episodes have been occurring more frequently in recent decades.
From a shorter term standpoint the current extreme bullish sentiment and stocks at all-time highs combined with expectations for a Fed rate hike in less than two weeks offer a challenging backdrop for equities:
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