U.S. Equity Market Report
|Analysis: S&P 500 trailing earnings have been trending sideways to slightly higher over the past couple of quarters. According to Factset analysts are projecting earnings growth of 2% for calendar year 2019, a stable forecast relative to last month’s report. I’m currently neutral to slightly positive on this picture. Chart Framework: I’d get incrementally negative if the trailing 12-month earnings moved down over consecutive quarters (QoQ), i.e., two or more quarters. It’s worth noting that this framework may be more of a coincident or confirmatory rather than a leading indicator with respect to a major market top.
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