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The ever-clever Chris Kimble has highlighted as support/resistance line in the S&P 500 that intersects the peak in 1987 before the first market crash experienced by us Boomers. I remember all too well the day in October when my boss at IBM punctuated a phone call with a few choice words about Wall Street. It was Black Monday, October 19, 1987. Something like that is a once-in-a-lifetime event. Right?
Of course, neither Chris nor I should be interpreted as making a forecast — merely a whimsical observation in the spirit of the holiday season as the market prepares for two weeks of marking time.
Chris comments: The highs appear to have impacted future prices and a support/resistance line. Now the S&P 500 is testing a key resistance line dating all the way back to 1987. This line looks to have stopped the rally earlier this year. Will we get a repeat performance?
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