A big chunk of of the value/cyclical arena are bank stocks. As on of the few sectors still seen as "cheap," what would cause them to continue to rise - their performance has been on fire, reminding investors that there is upside to things like valuations, earnings growth, and reality. I know math is hard, but do you really want to pay 10-15x sales for software companies when rates are rising?
If you don't know what I'm talking about you are too young to remember 21 years ago which was the last time tech valuations were this high going into rate hikes. It's even worse today - something I didn't think I would see in my lifetime.
Banks stocks have a few things going for them in the face of inflation and higher rates. They make money off the net interest margins - which go up when the yield curve steepens - a fancy way of saying long term rates are higher than short term rates. Remember 2019 when that wasn't the case? Then you have the potential of more borrowing as retail consumers all the way up to small and mid size firms start to borrow. Right now, people have tons of cash on hand and many didn't have to pay rent for months. Many firms got PPP loans and are flush with cash. That is going to start to melt away as prices rise higher than wages or profits - causing lots of people to get reacquainted with their bankers.
Don't over think it. Review history. Do the math. Have the courage of your conviction. Never be afraid to admit things have changed. But also realize the market will take it's sweet time to unfold and weird things will always happen that will shake your confidence. That's why markets are risky. You can never have the arrogance of certainty.