Valuation and fundamentals

Thomson Reuters SPX 12 month forward P/E now 16.99. I am persisting in this project even though there is a curve fitting element to the data I don't understand. 

Earnings took a big hit this week, from 131.75 back down to 129.00. Right at 17x resistance which seemed to give more room to the market last week, and now may help limit upside. Ultimately I'd like to see euphoria highs near 18x forward earnings in 2017-18.


No ambiguity in Citigroup Economic Surprise Index with a nice move back into decently positive territory.