Index Charts Weaken: Cause for Concern? Forward earnings estimates for the S&P 500 have dropped. Dec 23, 2020 | 10:32 AM EST The charts of the major equity indices have weakened, but remain a mix of neutral and bullish trends. The data, on the other hand, still suggests some caution is warranted. Meanwhile, forward 12-month consensus earnings estimates for the S&P 500 have seen a notable decline, stretching what appears to be an overvalued market even further. What's this all mean for investors? Let's take a look at the charts and data. On the Charts Source: Worden The major equity indices closed mixed Tuesday with a mix of positive and negative technical events. Importantly, no violations of support occurred that we would need to see to become more cautionary from a chart perspective.