This is the third week in a row that SPX has closed above the 10 week moving average of 18X forward earnings.

Here's an interesting list of 2017 values from my spreadsheet, taking numbers from Thomson each week. Key point - never above 18.

17.18
17.19
17.21
17.17
17.40
17.18
17.34
17.77
17.88
17.99
17.76
17.93
17.68
17.76
17.54
17.47
17.40
17.75
17.57
17.65
17.34
17.68
17.57
17.73
17.77
17.74
17.78
17.59
17.67
17.93
17.95
17.78
17.75
17.72
17.54
17.64
17.57
17.81
17.92
17.89
17.97

This would imply selling pressure soon enough!

FWIW FAANG equal weight forward P/E has risen from 52 to 58 since August.

Not sure why bond yields are dropping with this index maintaining positive.