If earnings of $SPX are zero for 2020 and 2021 and in a deep U come back to 150 in 2022 (by the way in 2009, 2010 they only halved) retained eps will fall by 300 use a multiple of 2.5x book and that's $750 Pts on SPX. Or 2600 or so. If you have a more bearish case let me.  BUY SP