The most important thing to watch in the next 2 quarters will be inflation and real GDP growth. A major divergence between Asia and European major stock indexes, which I pointed out 2 weeks ago-- confirmed last week. The rest of the world continues to see an L shaped recovery, making the U.S. and the SPX specially over-valued when comparing basically every other economy in the world that of relevant sizes.
The SPX appears to be fairly over-priced. I posted a picture earlier on my twitter account if you would like to see the chart, there are alot of major indices compared with a ROC, and things become clear