If Trump were to win and cut the corporate tax rate to 15%, as he has suggested, from 21%, stocks and the US market (S&P500) would become undervalued substantially. The market would be more likely to continue to increase.
(In theory, cutting the tax rate to 15%, which means companies would get to keep 85 cents on the dollar rather than 79 cents, translates into an 8% increase in after-tax profits).
On the other hand, if Kamala were to win, the tax rate would be raised to 28%, translating into a 9% reduction in after-tax profits. Additionally, taxing 25% on unrealized stock profits. Rich will sell stocks before it happens, 2025. The market may collapse badly because of the significant sell and corporate hurtful taxation. People lose jobs and retirees come back to jobs (not sure if they could find one).
The market is overvalued currently, corporations and people made great money last 15 years. This election will become a decisive factor to change the course of the market whether the gov. kills the momentum or lets the momentum run up and bubble the economy further.