Thomson Reuters SPX forward 12 month P/E from 17.10 last week to 16.89 as of Friday. This means earnings estimates dropped to the lowest level since I switched to this data (away from Wall Street Journal) in July.

These numbers change too much from week to week to trade off these levels, but for now 17x resistance 2141 and 16x support 2015.

Stock pullback has been no surprise to anyone looking at this Citigroup Economic Surprise Index updated daily and available for free by Yardeni. The drop back to negative combined with rate hike chatter created the storm for the market. While the speed and magnitude of the move is always a shocker after 2 months of dullsville, I have used this since 8/20 to help make the case for limited upside the market, and directly said as much on 9/3.