I think it is important to note the markets can have a V shape recovery because it looks forward. The economy may lag however. I would not over react to the National Bureau of Economic Researches declaration of a U.S. recession. Let me refer to the commentary by Kelly Evans of CNBC...
"Technically, it's the NBER's Business Cycle Dating Committee that determines the start and end dates of, yes, business cycles, and hence recessions." she further states "The group typically moves at a glacial pace in its declarations, since it doesn't want to get it wrong. It's rarely, if ever, issued corrections. This can be annoying in real time when, as during the '08-'09 financial crisis, people had to keep hedging by saying the U.S. was "most likely" or "almost certainly" in recession until we got confirmation from the NBER a full year later."