10月21日，美银策略师表示，信贷市场进一步承压可能引发股市新一轮全面抛售，因为包括养老金在内的长期投资者将被迫出售资产。美银证券的Savita Subramanian表示：“如果私人信贷市场的波动持续，养老金等机构可能被迫出售指数基金，以避免私人资产的估值调整。”她表示，被动投资“主导了标普500指数”，因此市场下跌将迫使指数基金进一步抛售。
Miller Tabak+首席市场策略师Matt Maley也指出，银行板块ETF可能加剧卖压。“鉴于银行ETF已经显著走弱，只需进一步小幅下跌就可能确认银行股趋势发生重大转变。”美银还指出，标普500指数在20项不同的估值指标中均显得“统计上昂贵”，这意味着这轮已持续三年的牛市面临越来越高的估值风险，同时市场下行的概率正在上升。
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