The S&P 500 dropped back below the 4,100 level, which served as resistance back in September and twice in December. Economists at Charles Schwab expect the index to move within a 3,800-4,100 range over the next couple of months.

Fairly rich forward P/E of 19 on the S&P 500

“One of the problems which may be making another ‘leg up’ in the S&P 500 is valuation – the forward P/E on the S&P is currently roughly 19 and it doesn't look like the ‘E’ is growing in the near-term to help support a higher multiple.”

“We could be in for a period of sideways trading for the next couple of months in this index, perhaps ~3,800-4,100 (or maybe as high as 4,300, depending on rates/inflation data).”