Valuation and fundamentals

SPX continues to trade under 18x forward earnings as expected. Based on the latest data from WSJ18x iw now about 2105 resistance. This means new highs are probably a ways off in terms of time for the market. 

SPX current 17.59x forward earnings, so 18x resistance at 2105 and 17x support at 1988.

The Citigroup Economic Surprise Index stalled at the zero line again so it is no surprise (haha) that the market has stalled as well.