here is some brighter news,Wall Street strategists are throwing...

here is some brighter news,

Wall Street strategists are throwing in the towel and cutting their S&P 500 price targets. That's often a good sign for the stock market.

Fundstrat has remained resistant to cutting its year-end price target of 5,100, which represents potential upside of 39% from current levels.

throughout the ongoing stock market decline and amid worrying headlines on everything from geopolitics to monetary policy, a few Wall Street bulls resisted the urge to cut estimates and remained steadfast in their view that the stock market could still stage a year-end rally.

Now that's starting to change, with many bullish holdouts finally cutting their S&P 500 price targets. In the past month, BMO's Brian Belski, Oppenheimer's John Stoltzfus, and JPMorgan' Marko Kolanovic all lowered expectations by either cutting their price target or extending their forecast window into 2023.

A combination of poor sentiment, persistent inflation, and uncertainty surrounding corporate earnings contributed to the forecast revisions.

The capitulation of some of Wall Street's most bullish forecasters is actually a contrarian signal that suggests the market may be closer to a bottom.