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In need of a "risk reset"?

The Market Ear Picture
Source: JPM
“Risky” factor drawdowns often coincide with market drawdown, but not this time...JPM: "In the near term (1-3 months), the recent factor drawdown seems overdone and there could be a modest rebound if risk appetite improves. However, in the medium term (i.e. 3-12 months), will it take a “risk reset” to get these factors to sustainably rebound, and thus HF longs could remain choppy for a while longer? Put another way, can these factors snap back without a larger S&P drawdown or is this a sign that the market is breaking down and we need a larger S&P decline (i.e. "risk reset") to get these factors to recover?"