But more than technicals, Wilson points out the 10-year yield 

TMUBMUSD10Y

4.225%

 has come down by about 50 basis points since the middle of January. Rates have tended to lead the economic surprise index by about two months, so that means that there should probably be upside in the economic surprise index to come.

Also, the dollar 

DXY

-0.01%

 strength which weighed on earnings in the fourth quarter is now reversing.

Finally, Wilson notes that seasonal factors both for earnings revisions and equity market performance improve in March.

“This all suggests that price action at the lower end of the aforementioned range (toward ~5,500) is likely an attractive entry point assuming one is willing to tolerate continued volatility over the next several months,” said Wilson of the S&P 500.

Stock-market futures on Monday suggested the volatility wasn’t about to end, with the lead S&P 500 contract 

ES00

-1.80%

 down over 1%.