If many restaurants, event spaces, etc. fail then it’s possible many people will have to liquidate their savings. This sell pressure would push down prices and likely cascade. The market thus far has been protected by stimulus funds, generous ui benefits, etc. Could that slack be taken up? Sure but it seems unlikely, especially with a second wave of shutdowns. Trying to predict the bottom or top is a fool’s errand. I’m also not sure how ETF/Index funds dispose of assets when they’re sold. They may be a dam holding back a flood.
