The Stock Market Is Still Not Pricing-in The Probable (lower) Earnings Outlook

• The bounce that took place on Wednesday could see more upside follow-through on a very-short-term basis. The question is whether the recent decline is enough to have priced-in the lower earnings estimates that are almost certainly ahead of us.

• If the bounce does continue, we have a couple of target levels to keep an eye on.

• The S&P 500 is getting close to a “death cross”…is this something we should worry about?