There is a certain amount of curve fitting going on here in ways I don't understand, but Thomson saying P/E ticked up while price down is a move in the wrong way.

Check page 2 on Yardeni's "Blue Angels" PDF. This is exactly what I am trying to get at with these posts - how certain forward valuation ratios act as support or resistance for the market. Now, these are sloping up and perhaps when election gets out of the way and FOMC does their 25 bps and says that's it for a while, maybe we will see 18x. But given that only smart money is at the table these days, I don't think we'll see higher and so this 17x or 18x will be the top of the market.

Yardeni's report of Citigroup Economic Surprise Index is near the zero line, but hard to tell if officially positive or negative. This points to limited upside and any further drop into negative territory will increase down pressure.