It all depends
If most people are selling and the only buyers are buy backs, then the market crashes once buy backs run out.
If people are buying when buy backs run out, then the market keeps going higher but at a slower pace.
Stock price is still supply/demand. You need more buyers than sellers to go higher. That’s how price can detach from fundamentals. Short-term, it can really detach. It’s why sentiment matters.
I suspect mid-terms have more to do with this than anything. The market hates uncertainty. We had the same drop in 2016 and once the election was over stocks took off. Election rhetoric makes the country feel very divided and negative about our future. We can get the short-term disconnect between fundamentals and price.