SPX forward P/E reported by Thomson Reuters 17.17, down a bit from last week which is bullish considering the price jump. The 10MA of earnings continues estimates continues to climb, from 131.59 to 131.86.
10MA of 18x = 2405
10MA of 19x = 2539
Or 3.5% to 9.2% upside from here.
*
Citigroup Economic Surprise Index is doing very well, near the highs of the last few years.