Thompson Reuters SPX forward P/E almost no change from last week, 17.18 to 17.19. Price didn't change much either, which means earnings estimates are just a bit different. Moving averages continue to climb, and yet the difference between the current value and that moving average is less.

10MA of 12 month forward P/E = 16.94 (up from 16.88)
10MA of implied SPX earnings = 131.79 (up from 131.12)
10MA of SPX price = 2232.05 (up from 2213)

Current 18x-20x target range = 2381-2646
Current 10MA of 18x-20x target range 2372-2635
% upside to 10MA of 18x-20x target range = 4.2%-15.8%

Citigroup Economic Surprise Index is looking strong.

Both are moderate positives for the market, although I'm beginning to have doubts about anything higher than 19x. Smart money will gladly leave the remaining 5% on the table to protect themselves against a -20% drop. If I change the target range to 19x, then this means:

current 2514
10MA 2503
% upside to 10MA = 10%