Some fun maths (to be taken with a grain of salt) -

2019 $SPX EPS ---&gt; $164

2020 EPS ---&gt; ~$120 (-27%YOY)? Street @ $138

$120 x P/E of 18* ---&gt; $SPX = 2,160

$SPX crash low in March ---&gt; 2,191

(*slightly generous due to ZIRP, QE + stimulus)