The biggest week of this earnings season showed us that things aren't as bad as many feared. Another barrage of results in the coming week will test that assumption. So far, about half of the S & P 500 has reported quarterly earnings, with 74% of those companies exceeding Wall Street expectations for sales and 79% beating on earnings. However, S & P 500 blended earnings — which combine actual results and estimates from companies that have yet to report — are down nearly 4% from last quarter. That would mark the second straight quarter of declines, but the magnitude…