In 2009, the inflation-adjusted S&P tested the resistance level offered by the 1968 high (41 years later) and it held. (Phew!) In 1976 the same index tested the 1929 high and it didn't hold, finally bottoming with a 40% loss spanning 59 years. Be careful. My work here is done. You're welcome. cc @ttmygh and @menlobear

you can do your own noodling like this. The important message is that markets can tread wtaer on half-century timescales...