Here presented is the weekly SPI chart back to 1989. It's been up since 1991 which illustrates of course the present business decade cycle quite nicely.

Note that the stockmarket futures market, as expressed through the SPI, has not yet gone above its April 1999 high of 3165. The actual All Ords (physical stock market) did, just slightly, before Christmas make a new high, but not the futures.

I consider the "Futures" direction more important. This is where the professional traders are. So for me, we still have a top at April 1999.

From there its been a difficult market - sideways across the top. It's almost as if the market is plateauing at new highs, just like the economy.....

Of course you all know what my forecast was. I basically felt the market would in 1999 look a bit like 1994 - see the 94 rundown - of half the previous run up (1992 low to 1994 top). 1994 saw rising interest rates.

That could have made for a rundown in 1999 to about 2600 or so, half the previous run up off 1800 low (Nov 1994). That would have fitted nicely with the double top projection at 3165 April 1999 and 3163 July 1999. [See earlier posting] As you would also know, I thought it would be very bullish after that as the investment in new technology really took off.

Well without happening quite that way, technology stocks have certainly boomed. I have found great trading opportunities in them too. As for the SPI, the direction is presently uncertain. Strong support is offered above 2800, resistance at 3160. It will break one way or the other soon.