When this blog post was written about a month ago, the S&P 500 EPS estimate revision data was exhibiting the kind of negative revisions that have been previously seen in first quarters since I began tracking the data in the fourth-quarter 2009.
In other words, when there has been "weakness" in S&P 500 EPS estimate revisions, meaning when EPS revisions over a quarterly earnings period remain more negative than positive, or when negative revisions exceed positive revisions for a quarterly earnings period, it tends to typically happen with the fourth-quarter's earnings reports.
Here is some