Thomson Reuters SPX 12 month forward P/E stayed even as price dropped - so this implies weaker earnings. As previously noted, there is noise to this data but the main point here is that 17x forward earnings has roughly acted as resistance with the highest readings of 17.20, 17.15, 17.15 again at the key stock index tops. Now we are at 16.64.

Citigroup Economic Surprise Index moved up from last week but there is a problem - still negative.

Both of these are more headwinds than tailwinds for the market.