What do you think is going to happen once the Fed starts reducing their balance sheet next month?

The fed is going to start reducing their balance sheet by 50 billion next month and going up to 95 billion by Sept, what is effectively going to be a “reverse money printer” event. Do you guys think the market has priced this in yet or is a lot more pain to come? I look at the charts and see how much the market has risen since the pandemic due to the money printing, and now the reverse is about to happen so are we headed back to sub 10k on the Nasdaq guaranteed?

Also what is going to happen in the financial markets when this happens? Not in the stock market sense, but the real world implications with the money supply when the Fed lets these securities mature effectively making less money in the system.