Indeed markets went on to do very well after 2018, because they changed the narrative to full dovish very very quickly after the rate hike attempt.
The stock indices may just chop in a range, but it's starting to look like lights-out for the fringe areas of extreme speculative mania that popped up over the last few years: in crypto, shitcos (many of these have already crashed 50%+), the ARK-Invest complex including TSLA, and meme trades like AMC, GME, and Silver. Time will tell.