Macro Cycles 2014-2018

[Smurf1976]

But not as high as where it spent a fair bit of time in the 50's & 60's

Agreed although it went up a bit further after that chart to be about the same as it was immediately prior to the GFC and higher than any time except the 50's and 60's as you mention. Even then, it would only take a 20% or so rise in the market to reach those 50's and 60's levels.

It might not even matter, but whenever I see a measure of something at an extreme value I start to ponder what happens next. Be it something financial or even with a technical / engineering system, extreme readings tend to mean one of two things. Either it's about to reverse or you really are operating in uncharted territory with the associated uncertainty as to what that may or may not result in.

So at the risk of using a government anti-terrorism slogan, I'm alert but not (yet) alarmed. Being at about the same level as immediately prior to the GFC is the bit that worries me.