Thread: 2 Key Indices Close Above Near-Term Resistance, but Neutral Outlook Prevails

No doubt PE's are getting high. Sentiment at a stalemate.

Valuation remains troubling as it continues to look extended, with the S&P 500's forward price-to-earnings (P/E) multiple at 23.0 based on consensus forward 12-month earnings estimates from Bloomberg of $145.49; by contrast, the "rule of 20" finds fair value at 19.4.

Last week's AAII Bear/Bull Ratio (contrary indicator) stayed bullish at 46.89/23.58, but one concern was the counterbalancing effect by the Investors Intelligence Bear/Bull Ratio (contrary indicator) finding investment advisors staying excessively bullish at 17.5/57.3.