Valuation and fundamentals

In a curve fitting system that I don't understand, Thomson Reuters forward 12 month SPX P/E ratio increased from 16.16 to 16.67 last week, as SPX was up 15 points. This means implied earnings estimates dropped from 134 to 131. 

Current 17x forward earnings at 2225 is resistance. 

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Citigroup Economic Surprise Index jumping back into positive territory! This helps the bullish case. 

ps - having trouble with links today; will fix when I can.