During the 2018 recession (the one no-one remembers), we had increasing values of SPX, when in fact we were in a recession. The cost of money (1/US10Y) was decreasing. We were losing money and not realizing it.
This year, many are selling because they fear they are dropping. When in fact, the opposite happens than 2018. As SPY_Master mentioned, we have equities getting increasingly riskier and overbought, even though their prices are dropping. It is a year where you should have held in stocks during this year's recession, and sell before the next bull run.
THAT is the "trap" I was trying to figure out. Don't treat equity prices and indices for their values. Seek the true value in things.