From the week of 9/29 on (ie Q4 to keep it simple), SPX price has been lifting above the 10 period weekly moving average of 18X forward earnings. I considered this significant because this valuation level acted as a cap at several points earlier this year. The launch continues.

This data is coming from Thomson Reuters, and each week I write down their current SPX forward P/E. Up to last week, this also had approached but not exceeded 18; and the latest reading is 18.1.

My conclusion is that institutions are not selling into valuation concerns because the market is believing in the corporate tax cut which will slice the current multiple.

From 2H (first half looks similar, just more time 17-17.49 zone) weekly reading:

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
18.10

FWIW FAANG equal weight P/E is 57.30, down a bit from last week.

Citigroup Economic Surprise not sustaining recent positive momentum.