[teaserteam]

S&P earnings are going to fall. So PE ratio remains elevated.

Company earnings don't fall as fast;   the forward PE for S&P is still in the rise at least for the 2nd quarter.   Everywhere is now living with Covid except for China.  Countries are opening up for trade to flow.   Business outlooks should look better than before.   

Fed is stuck between rate/QT hikes and economic deterioration,  tonight's decision would be interesting to watch.  Expect the unexpected.