My vote is for unchanged. Based on trailing earnings, I believe the markets in general are fairly priced to slightly overvalued. The reason I don't think it will change in september is that I believe the Q3 numbers is what will spook a bit of a sell-off, and Q3 numbers don't come out until october.

I do believe Q2 numbers will come in mostly in-line with expectations in general.

What is my rationale for this?

Well, the p/e of the S&P 500 I do believe is right where it should be based on historical valuations, as is the PEG ratio. Anecdotally, I'm currently in Illinois on vacation after road-tripping from Los Angeles. I spent a couple of days in the Grand Canyon and hiked around Zion Canyon, and spent a couple of days in Las Vegas and Salt Lake City. I saw many people doing very well, the Canyons were absolutely PACKED (although I do admit I heard a lot of languages that were not English, quite a bit of French and a bit of German to be specific). In the city of Los Angeles, there is still way more demand for jobs than there are people to work. Of course, part of this is due to insanely unaffordable housing and the need for lots of low paying service jobs. Colleges, private schools, universities, community colleges around LA are all filled nicely too. I would recount a bear argument, but many people have argued to the downside, and I believe them too... I'm not totally bullish. I'm just saying that on a balance scale, the bull and bear arguments are just about even for the time being.