The 10 week average of earnings estimates continues to climb, jumping from 135.40 to 135.89 according to numbers implied by Thomson Reuters. This lifts the 10 week average of the 18x earnings to 2446. SPX has been pushing 18x earnings for months now, but with earnings estimates increasing price as been able to increase without getting truly more expensive. Fully valued with upwards slope is still a decent positive for the market. 18x valuation in blue and SPX in orange below. Still considering this a 3 on scale of -5 to +5.

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But Citigroup Economic Surprise still looks terrible. Calling this -3.

Combined score 0. Rallies should face headwinds until economic data begins to improve.