Technical analyst Chris Kimble takes a long look at the S&P 500 and asks whether we're at a major price point suggested by a resistance line that dates from the mid-1980s.

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Chris comments: The 1987 highs and the 2002-2003 lows were important price points in history.

A key resistance line, drawn from these to key dates, is coming into play right now in the S&P 500 index.

Is this line the reason the index has been down of late? Too early to tell, yet worth watching!