Fundamental Shifts May Send The Stock Market Even Lower

Summary:
- Consensus earnings estimates have now turned lower, and more worrying is that the number of companies now seeing downward earnings revisions is on the rise.
- There is now an increasing amount of uncertainty around earnings estimates looking forward.
- The PE Ratio (NTM) fell below 20.5 for the first time since the spring of 2020 and has been a significant level of support.

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