It's hard to say where the bottom is going to be. Market is reacting COVID19 and not because of some structural failure - sub-prime loans, junk bonds, etc. China has absolute huge swathes of its population under quarantine and factories are sitting idle. Was just a matter of time before that rippled across global markets. If the infection rate gets under control and the Israelis (or Australians, or Chinese) get that vaccine put together quickly, who knows?