After the bubbles pop, and at least half the big crud hits the fan. All the war consequences come into full view. Water shortages and food shortages, energy costs with that connected inflation start to get handled, unsustainable RE prices comes down and the over average amount of repos begin. When economic realities no longer can be ignored by more than just the poor and lower middle class. Companies stock prices closer to what they earn.
Those things could be the start and will be shown with the general market sentiment. Exactly the point? No idea, your guess is as good as mine. My guess is SPY will be down to a 355 level before I'll start looking for a bottom. If things get really bad (possibility that they will), it will go further than that.
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