Once again, pro selling at SPX 18X forward earnings. I am using a 10 week moving average to smooth out week to week noise, but this idea is working pretty well per chart below. Valuation level moving average in blue, SPX weekly close price in orange. The one positive is returning back to positive slope after a few negative weeks, which allows price to potentially return to the same valuation at higher prices should that trend continue.

New pet project: FAANG equal weight forward P/E 54.7, up fractionally from last week.

Citigroup Economic Surprise Index off lows, but still in negative territory since the end of April.