Valuation and fundamentals

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OK, maybe Bloomberg is better. How is it possible that WSJ is reporting SPX earnings 112 one week and 117 the next week? I don't know. Take these #s with a grain of salt. Rely on the pivots.

SPX forward earnings 17.80x, support 17x 1997, resist 18x 2115.
NDX 18.79x, support 18x 4285, resist 19x 4524.
INDU 17.15x, support 17x 17845, resist 18x 18895.
RTY 17.28x, support 17x 1127, resist 18x 1193.

I have maintained that smart $ would probably not be paying more than 18x earnings for SPX and last week's jump above was a total surprise. This week's move back under 18x means I expect 2115 area to be resistance from here. This means it may take more time to reach major resistance at the YR1 level, and increases the chance that the recent high on AprR1 was a more important top.

The Citigroup Economic Surprise Index as reported by Yardeni is fading from the zero line instead of jumping above. I have previously made the case (and continue to believe) that this index moving into positive territory would help USA main stock indexes break out to new highs.