According to Thomson Reuters, the P/E dropped slightly while SPX was up slightly, but the overall tendency since the second half remains to hang around near 17x forward earnings. But there is room to move up in price and still be near this level as current 17x estimate is 2192 SPX.

Check page 18 on this detailed PDF for a visual of what I am trying to do with this series of posts. The only issue with that chart is that being very long term it doesn't include the odd numbers 15, 17 etc and this is about where the turns have been this year.

But yikes! Check out this dive in Citigroup Economic Surprise Index. While this may help FOMC back off hawkish rhetoric, I think this increases the chance of a bounce in TLT and (drop in 10 & 30 year rates). Also it helps the USA main indexes that are stuck under Q4Ps (SPY, DIA, VTI) remain under for the time being.