I use a 10 period moving average to smooth out the week to week noise in the SPX 18X forward P/E, and this week it took a notable drop. Since 2016 Q4, this hasn't happened too often, less than 20% of the time. The important thing for positioning is that downward revisions to forward earnings should mean more resistance at this level, currently 2483.

It has been very clear from the image below that a big fund has been trimming each time SPX has reached up to 18X forward earnings. There hasn't been one weekly close above, with several tests and reactions lower.

It is clear from the moves of 2017 that the Citigroup Economic Surprise Index had more pronounced effect on currency moves and bonds than stocks - but this could be a late cycle aberration. When at a small hedge fund I tracked the versions for China, Japan, Emerging markets, and Europe and they did very well in anticipating relative leaders most of the time.

So, improvement from very low level may help stabilize $USD for a while.