[revealer]

At the very least right now is, it must dropped to pre-covid level.

There is no reason how the 2 year of covid euphoria in stocks and crypto and luxury watches can be sustained when the background story for its rise is retracted

Yes.  If FED is stubborn enough to go ahead with QT as most the "fat" in the US market came after 2020 i.e. after FED pumped in 4 Trillion QE.   The degree of fall will depend on how much FED will draw money out of the system.   This is a good window for FED to do QT as China and Russia are weak economically.