As you can see from the picture below. The SPX structure improved yesterday. Historically, once uncertainty is reduced the market usually move to the next resistance area.
My opinion is that we are right at resistance. If Bears were correct on the last liquidation. We are right on the spot where selling can resume.
PE Ratio on daily charts will need to move higher and PE Ratio on the quarterly chart will follow or the quarterly chart high area will stay in place for the rest of 2018
Currently my models are neutral to long, I have been reducing market exposure at current levels. R Option Model