Ten week moving average of SPX forward earnings continues to climb, making 18x that level up to 2462. This is a fully valued market but the upward slope is still a decent positive. Valuation level in blue and in orange in the graph below. Scoring 3.

Citigroup Economic Surprise could not be worse. It looks so bad some smart people have started to think it can only go up from here. Score -5.

3x2 (double weighted) = 6
-5
Total 1 on scale of -15 to 15.

Markets should have limited upside based my reading of these indicators.