Fear of Missing Out overtaking fear of recession

Is fear of missing out overtaken recession fears with valuations at these levels? There is likely a 20 % upside for the NASDAQ by the end of the year and likely a 10 % upside within a month, if not sooner. That would still put the NASDAQ down 10% for the year. Unless of course some unforeseen event occurs, but that is no reason not to at least consider index funds at this point.