Thomson Reuters reporting that 12 month forward P/E of SPX dropped as price rallied - that means earnings up. But I've been using a 10 period MA to smooth data. Here are results from 2016 Q4 to current.

Multiplying this earnings number by 18 gives the implied valuation level.

And here is SPX added in orange.

So the index is making another test of 18x area earnings. This site has maintained for months that I expect a major top in the 18x-19x area. If earnings continue to climb, then price can go higher while maintaining this valuation. It would be negative for the earnings to level off and start dropping. Resuming positive counts towards making this a very slight positive guesstimate, +1.

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Citigroup Economic Surprise is not helping! Back to the zero line, so let's give that a 0.

Combined rough estimate score on scale of -5 to +5 is a very middling .5. This caps upside and increases the chance of a sell in May event.