Valuation and fundamentals

SPX forward earnings as reported from the WSJ picked up a bit; there is definitely some noise to this signal and I'm not sure how to remedy without better data from, for example, Bloomberg. 

Key point SPX forward 12 month P/E ratio 17.51, so potential 17x support at 1992 and 18x resistance 2110.

Citigroup Economic Surprise Index may have ticked up slightly but no real improvement. 

I'm not sure how much these pressure the downside, but they still should definitely cap the upside.