According to Thomson Reuters, SPX P/E is still up there at 17.93. Considering the price drop, this is a bearish development which actually dropped the 10 period MAs of the levels. For example, the 18x 10MA level that I have been so keenly watching was 2398 last week and 2395 this week. Here's the chart.

And here's the price movement.

It is hard to understand why earnings estimates dropped so sharply last week; there may be a lag in real data and this could be some move implied by price. But for now, I consider the decline in the 10MAs of earnings estimates and implied P/E levels to be a bearish development - fully valued, and implied price level starting to slope (ie trend) negative, and price reacting from level as resistance. Score -1 (on scale of -5 to +5).

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Citigroup Economic Surprise Index still looks quite strong. 3.

Combined total 2, average score 1. Power up move likely over, but still might be positive enough to prevent a larger drop.