This past week SPX again bumped up against forward 18X P/E, or more accurately, the 10 week moving average of 18X P/E, and turned lower. These are weekly close figures so even though this past week look like it was a little shy, consider the value was 2480 last week and 2485 this week; and the SPX high was 2484. Someone big is selling up here, although the reactions have been quite mild thus far, this could change.

Also, as long as the slope is decently positive (rising 5 points a week is great!) then I think there won't be serious selling pressure even if this level continues to act as resistance. When the slope rolls over though, watch out for a more serious drop.

Citigroup Economic Surprise Index is turning up from very low level but still.