Here is something interesting, the spread between the cash index and the futures index has narrowed considerably. The FTSE is inverted right now, the SP is close to inverting as are most of the major indexes. The Dow closed today at the narrowest spread in many many months. We wont roll futures contracts for 3 more weeks. I saw this in early 2004, but then the forward month was also inverting, that not happening yet. This is a bearish event IMO. Any thoughts from these who watch spread.