Traditional indicators have suddenly stopped mattering in a stock market driven by global health concerns, for good reason. They can say little of value in assessing the worsening toll of the coronavirus.

“The global economy is starting to show some green shoots and more stabilization versus three or six months ago. The forecasts are taking that into account,” Michael Ball, managing director of Denver-based Weatherstone Capital Management Inc., said by phone. “As you have coronavirus happening, shedding more concerns on markets, the fact that you have strong offsetting positive is helpful.”

Needless to say after Friday’s drubbing, the market is vulnerable to shocks as the coronavirus spreads, probably more so since stocks trade at valuations near a 17-year high. The S&P 500 dropped 2.1% over five days for the worst week since August. The Dow Jones Industrial Average erased its yearly gains after a 2.5% slide.