STORY: Konstantinos explained that his company likes "to look at earnings in a slightly different fashion. We like to look at how many companies are beating earnings estimates from six months ago, because we think companies do an extraordinary job of managing and guiding the street to an earnings bar just low enough where they can jump over it and beat on earnings."

With results in so far from 165 of the S&P 500 companies, earnings are still projected to have declined year over year in the fourth quarter of 2022, according to IBES data from Refinitiv.

But strategists say the numbers could shift this week, with key results from Apple, the largest U.S. company by market value, and Google-parent Alphabet due Thursday (Feb. 2) after the closing bell.