After worst first-half for U.S. stocks in decades, a major rebound last week prompted optimism that the worst of the sell-off may be behind us. Analysts are reluctant to call the bottom on the brutal selloff, but there’s one indicator that many strategists say is key: earnings revisions. Trevor Greetham, head of multi-asset at Royal London Asset Management, says an ‘earnings recession’ is coming, which he expects to ‘drag on for quite a long time’ Morgan Stanley is also keeping a close watch on earnings revisions, which have not even turned negative yet. The bounce in the S & P 500 last week was due to valuations moving higher — an ‘unusual’ phenomenon given the growing concern about earnings. . . .