Thomson Reuters reporting SPX forward P/E of 16.78 implies earnings estimates of $131.75. Bullish for P/E to increase on a bit as SPX has tacked on another 30ish points to the rally. Current 17x resistance is 2240.

Citigroup Economic Surprise Index back into positive territory helping the bullish case.

If you check the tag on this blog post you will see that for several weeks I called both headwinds, two weeks ago upgraded to mixed, and last week said mild positive. I will continue to say mild positive with P/E below 17x and fundamentals surprising to upside by remaining on the positive side of the zero line.