The 10 period moving average of SPX forward 12 months earnings as implied by Thomson Reuters is a bit higher than last week, from 132.48 to 132.58. So this makes the 10MA of the P/E 17.23, which is just a bit under the current value of 17.34.

Every week I have pointed out target of 18x forward earnings; the current value is 2440 and 10MA is 2386. I think 19x is a cap, because I don't think smart $ will wait for 20x forward earnings to sell. This is currently 2576 and 10MA is 2518.

Thus, 10MA target range of 18x-19x forward earnings of 2386 to 2518 is 1.5% - 7.1% from current SPX levels.

Last week I mentioned that 17.5x might have been part of resistance market was facing, but didn't pose any problems.

Citigroup Economic Surprise Index as reporting by Yardeni looks great, looking to be the highest since early 2014.

These are both a moderate positive for markets.