As the 'earnings' or lack of earning going forward are reported, the market will adjust it's way down to maintain the historic p.e. ratio of around 14-15 and even further down to an average p.e. of possibly 10 as the selling momentum and sentiment leave the street.
I have been hearing of an average negative earnings forecast for either the Dow 30 or the s&p 500. ....With no earnings there is no p.e. ratio.

__________________

"Our Lady of Blessed Acceleration...
don't Fail Us Now"