If we look at historic crashes, they had major catalysts causing mass sell orders. Right now markets have had time to adjust because the speed of decline has been very slow.

Markets are also largely speculative, many stocks are traded way above their fundamental value (think Microsoft, tesla, or coca-cola). These will probably be hit the hard, algorithms will default to what a stock should be and drop hard. But these companies might have the strongest chance to bounce back as well.

Companies with the strongest books will be safer, but many more risk taking companies won’t be as lucky. This is part of what due diligence of a stock will tell you, but also probably one of the hardest parts of investing.

As long as decline is slow, stability can be found. But when uncertainty rises fast, so does the unstability of the stock market. Catalysts such as the public losing confidence in banks causing a bank run, companies downsizing at unseen scales to cut costs, or global political instability are possible.

TLDR: it needs to get way worse, very quickly for the market to crash