I don't understand the curve fitting of the model but Thomson Reuters P/E went *lower* last week. I think the solution here is a moving average so I am just going with a 10 period MA. This will cut out this noise and have smoother valuation areas to watch as support or resistance.

For example, the current 10MA of 17x forward earnings is 2205. Market paused at this area for 2 weeks then blasted through last week and already near 17.5 which is 2270. Note that throughout this series on many occasions I have said we should see 18x-20x forward earnings for a true euphoria bull market high. Current 18x 10MA is 2335.

Citigroup Economic Surprise Index again doing a nice job of confirming the market launch and rate rise by jumping into positive territory.