Information from Thomson Reuters over the last few weeks is exactly why I have switched over to a smoothed 10 moving average emphasis.

Raw numbers SPX earnings implied by P/E and price
2/3/17: 132.04
2/10/17: 134.81
2/17/17: 135.59
2/24/17: 133.22

Earnings cut that much over the last week?

Meanwhile the 10MA smoothed data is:

2/3/17: 131.90
2/10/17: 132.48
2/17/17: 132.58
2/24/17: 132.72

Market is acting like the latter, not the former.

So, 18x 10MA is 2389, and 19x is 2521. This is .9% to 6.5% from current levels. Valuations may soon turn into more of a headwind depending on what you think of 18x forward earnings.

Citigroup Economic Surprise Index still looks quite healthy.