S&P 500 to crash from 2277 to 1600, or even 1300? It may seem unbelievable, but this would be a drop in P/E from the excessively high level of 25.5 down to its median level of 14.65. Trump's economic policy, negatie on trade, is likely to see a contraction in GDP rather than a rise. Tomorrow is the first of February, so we can expect to see prices falling now that we are out of January.