For those of us who believe the current bear market in the S&P 500 started in 2000 with the Tech Crash, here is a chart that resonates.

The chart is an overlay of the S&P 500 from the peak in March 2000 and the Dow from the peak in 1929. Both are adjusted for inflation using the Bureau of Labor Statistics' Consumer Price Index. The charts exclude dividends. We can see how both indexes behaved over a nine-year period following the peak and how the Dow comported itself over the next decade.

The future for the S&P 500 over the next decade remains to be seen.

Later this week we'll look at a similar chart with dividends included.

Click here for the second heat.