MS on the S&P500, analysts think the index has downside to at least 3800 in the 'near term' and possible to 3460
- the 200 week moving average if forward 12 month EPS start to fall on margin and/or recession concerns
MS adds note the S&P 500 real earnings yield is the most negative since the 1950s and that to them this
- suggests we have meaningful downside at the index level as investors figure this out
MS have been on the right side of the slide of the index so far.
