Is there a precedent for the current S&P 500 rally — one that reversed and headed lower? Yes.

Here is an overlay of the 1929 Dow and today's S&P 500. The first Dow interim low is aligned with the S&P 500 March 9th closing low.

This chart is not intended as a forecast. Let's call it an interesting observation of an eerie resemblance.

We'll keep this matchup on our chart radar.