Thomson Reuters reported forward P/E at 17.54, making the 10 MA of the implied earnings estimate at 132.78, about even from last week, and 10 MA of 18x earnings at 2398. Here are the charts.

And what we are especially interested in, how SPX price has reacted to this valuation level. Keep in mind that I pointed to 18x forward earnings for months and once we got there expected "professional selling" and this is exactly what has happened.

The 10MA of 17x is now about 2265 so if lower that might be an additional reason for support there.

Market is reacting from being fully valued. Estimates are leveling off. It hasn't dropped enough to attract value buyers. My interpretation of this is 0.

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Citigroup Economic Surprise Index dropped from higher levels. Still I give this a 3.

Combined average 1.5. As heavy as market feels it is only normal after a 15% SPX rally off November lows.