S&P 500 is starting the week of June 29th with the PE ratio at 27.21 (according to Wall Street Journal), which is highly overvalued by the historical standards.
Any hope of a V-shaped recovery is shattered now as more US states are pausing or rolling back the re-openings post the great coronavirus lockdown.
In addition, the Biden Presidency seems increasingly likely now, based on the polls, and the betting odds, which at least increases the chances of higher US corporate taxes.
Put these variables together, and we get a very bearish scenario for S&P 500. Note, technically S&P 500 closed last Friday just below the key support level at the 200dma. A sustained move below this level will likely cause more technical selling by the quants, in addition to fundamental selling. The only question is what will Fed do stop the likely resumption of the bear market?