Wow - the first weekly close above the 10 period moving average of 18X forward P/E. Valuation in blue, SPX weekly close price in orange. Data shows this year but it goes far beyond that.

Here's a weekly version from Ed Yardeni that goes back further. His 18X is a bit higher; he is using last week's number (due to reporting lag I suspect), which may be higher than my current 10MA.

In case you are curious here's the monthly version. The point here is that SPX rallied above 20X valuation only in 1998-2000. The 1987 peak was at 15X earnings. LOL, now that seems cheap!

FAANG equal weight P/E again 55.

Citigroup Economic Surprise Index cannot really get it going. This would help interest rates and $USD to rally further.