Are Wall Street’s earnings estimates too optimistic? ‘There is no more fear, only complacency,’ JPMorgan strategist says

The Wall Street analysts who follow companies in the S&P 500 index SPX tend to be an upbeat bunch, but as second-quarter earnings reporting season winds down, are they too upbeat on the months ahead? A JPMorgan strategist last week said yes.

“Earnings estimates appear too optimistic,” JPMorgan chief global market strategist Marko Kolanovic and others said in a note Monday.

JPMorgan…