S&P 500 Valuation article updated March 25

My article on the valuation of the S&P 500 is updated. Based on actual trailing GAAP earnings the index looks over valued with a P/E of 23.6. But projections are that earnings will surge in 2018 due to the Trump income tax cuts. The article shows in the first table the GAAP and operating earnings projections for 2018. If the projections prove correct then perhaps the S&P 500 is not over-valued. I would not count on those ambitious 2018 earnings projections being achieved.