Are S&P 500 Earnings Past Peak?

It's earnings season! 

The big picture update on earnings for the first quarter of 2018 has been broad-based acceleration. Here are two important read-throughs:

• Broad-Based Strength: 420 / 500 S&P companies have reported for Q1 and sales and earnings growth is +8.4% Y/Y & +24.2% Y/Y, respectively. For the second consecutive quarter, every sector has reported Y/Y growth on both the top & bottom line.
• Sales Growth: Sales growth for the S&P 500 Index in aggregate is tracking +8.4% Y/Y. If this pace were to continue, Q1 of 2018 would be the fastest pace of top-line growth since Q3 of 2011. Like earnings, this would mark the 7th consecutive quarter of sales growth.

Wall Street's forward earnings and sales expectations remain very optimistic. Is Q1 2018 peak growth?