Poor Earnings Growth With Stocks At Highs In Q2

Depending on the source, it looks like earnings for S&P 500 companies are going to be lower than they were in the same quarter last year. There was a hint of “whistling past the graveyard” in those rallies, as the S&P ended up running into trouble several times, especially in recent decades.

Especially if it happened in July.

Ignoring the earnings pattern, any time the S&P was at a new high a couple of weeks after Q2, it tended to suffer losses over the next two months.