Latest reading of SPX forward P/E from Thomson Reuters ticked up to 17.40, bringing 10MA to 17.16 and 10MA of earnings estimates to 131.90. Using 10MAs to smooth the data:

18x target 2374
19x target 2506

Or 3.3% - 9.1% upside.

Citigroup Economic Surprise Index maintaining in positive territory - looks to be the longest span of time since 2014.

Both of these moderate positive for markets. I suppose I should watch 17.5 area since it is nearby and could be thought of as a round number target. Real value 2310 as of recent data and 10MA value 2308.