What do you think the S&P would be at if there was no covid?

Obviously it went down in 2020, then WAY back up. Why is there a surprise that it’s gone back down?

It was at 3380 February 14th 2020

Now at 3,852

Seems like if it would have been going up slightly since 2020 it would have still been a part of the big bull run starting in 2008?

I guess I don’t see the difference between down, then way up, then back down, compared to up steadily. From a long term view anyway, as far as a chart goes. Less than three years, so I guess not even long term