I am a fan of Elliott Wave market analysis, mostly because it is right waaay more often than I am. While the practitioners do not focus on fundamental analysis, they do occasionally draw our attention to market fundamentals to show where we have been. The following came in today's subscription, along with a prediction of a choppy downward trend for the next while.
This chart shows S&P 500 company earnings, corrected for inflation. Sobering, don't you think?