The 10 period moving average of S&P forward earnings estimates according to Thomson Reuters continues to climb.

The implied 18x P/E based on this estimate is up to 2414.

So far, 18x forward earnings (or at least the smooth 10 period moving average of it) has stopped the index twice based on weekly close.

As long suspected, we have seen some professional selling at this valuation multiple. However, the level continues to climb and this allows price to follow without paying higher valuations. Rough estimate on score of -5 to 5 is 1.

*

Citigroup Economic Surprise Index as reported by Yardeni is just not helping.

Score this -3, lower than the last low. Combined total = -2. Based on this indexes should not race back to highs.