Thompson reporting SPX P/E down to 16.61 which would be a very bullish development. This means earnings estimates jumped as price rallied. Keep in mind last week's implied earnings estimate was the lowest since I've track this in July and all of a sudden it has jumped back to the second highest. To be honest I'm not sure what to make of this data, but if you like this sort of thing I found another PDF put out by Yardeni that has just about everything you could want to see on this subject.

In fact his "blue angels" on page 18 is exactly what I am trying to do with this post in text form, and keep track of the subtle details and changes from week to week. Right now on his graph SPX is between 16 and 18x forward earnings. It is too bad 15 and 17 are not on the graph because it looks like 15 area might have been support and 17 area resistance, but hey, that's why I am willing to maintain my spreadsheet once a week.

Back to Thompson data, 17x area resistance at 2215 (big change from last week) and now 16.5 potential support at 2150. 16x solid support 2085.

Meanwhile the Citigroup Economic Surprise Index looks slightly negative and whatever this means for FOMC I don't think this is helpful for markets.