The blue line is actual values. The red are the average of all Wall Street estimates for all the stocks in the index. Note how the figures are expected to drop over time. This tends to indicate that although our economy remains strong, expectations for stock earnings to increase will diminish. This normally leads to a drop in prices.
Investors normally count time from earnings report to earnings report.
The year is divided into four quarters and eight seasons. In a normal year, quarterly earnings warnings season is succeeded by quarterly earnings reporting season. This chart shows what kind of earnings we can expect in the near future.