Valuation and fundamentals

10 week moving average of 18x forward earnings (blue line below) was essentially the high area, that capped SPX price (orange) on several tests. 

New idea - forward P/E for equal weight FAANG. Currently 52 and that is off the highs. 

Citigroup Economic Surprise Index may not seem to be heavily influencing stocks, but it is certainly impacting bonds and currencies.