Below is a Bloomberg chart from the last almost 29 years through today. I have annotated the trough of the 1982 recession and the crash of 1987 to draw this resistance line. The 1980’s represent the early years of Ronald Reagan’s trickle down economic policy that encouraged leverage, deregulation and lightened taxation on the uber wealthy. In their first 30 days the Obama Administration has vowed to reverse all of those efforts. Today the S&P 500 clodsed at 700.