The 10 week moving average of 18x P/E is moving up with impressive slope (blue line). SPX price (orange) has bumped up against this valuation level a few times, but with earnings increasing the index can continue to climb without becoming truly more expensive. A healthy 3 on scale of -5 to 5.

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Citigroup Economic Surprise Index got even worse. C'mon. I cannot believe the market is reacting somewhat to this. Well, stocks have been ignoring, but not bonds. TNX and other yields at multi-month lows on 6/14.

I would like to see the indexes on Europe, Japan, China, Emerging markets, etc, that are available on a Bloomberg but not publicly released as far as I know.

The conclusion has to be that markets are moving more on earnings than economic releases, which makes some sense. Or global economy is doing better than USA, which is certainly possible. Either way I think i may have to downgrade the "fundamentals" portion of my scoring. To keep it simple will give the P/E double the weight of the Economic Surprise.

Valuation: 3x2 = 6
Fundamentals: -5
Total score 1 out of -15 to +15 scale. Seems like market should not have much upside.