Click on the valuation tag for prior entries. Data from the WSJ updated each Friday.

SPX current 12 month forward p/e at 17.55. This was a very negative development from last week, because p/e was 17.05 while price dropped. This means earnings estimates dropped a lot, from 120.21 to 116.01. 18x forward earnings is now 2088. It is hard to imagine institutions paying more than 18x with FOMC and election uncertainty; this implies a cap on USA gains that is not far away.

INDU, current USA leader, 12 month forward p/e is 16.50. Earnings estimates did not dramatically change. So 16x support at about 17000 and 17x resistance at about 18000. 

NDX estimates 18.15, up slightly from last week with negligible earnings estimate change. Will NDX hold 18x forward earnings at 4368? Quarterly chart is still overbought! Watch that YP at 4373!

Lastly RTY forward p/e 16.70 which does not sound too bad. Current is nil, however. 16x support 1033 and 17x resistance 1098.