I have recently followed Ed Yardeni's lead and started using Thomson Reuters estimates instead of what was being reported in the Wall Street Journal. Earnings estimates must have jumped because the forward P/E only went from 16.52 to 16.58 on SPX last week, implying earnings from 128.44 to 130.38. If we see a round number then 17x is up to 2216.

The easier chart to follow is the Citigroup Economic Surprise index. I and many others have been watching for this to move positive and move it has. I highly doubt we will see much selling pressure with this moving up.