If you’re looking for reasons to be bullish about the stock market, avoid this chart

Was Wednesday’s wrenching session a blip or the beginning of the end of the bull market? We asked MarketWatch readers that very question after the Dow Jones Industrial Average DJIA, -0.52%  opened Thursday with more losses:

Those girding for a crash were in the minority, as you can see by the response:

But investors looking for historic signals may have voted differently had they clicked on the Kimble Charting Solutions blog, where Chris Kimble offered up this chart along with the adage, “history doesn’t repeat itself, but it often rhymes.”

“Did the top in the S&P 500 in 2007 have anything in common with the 2000 top? Yes!” he wrote, pointing out that the S&P SPX, -0.51%  in both cases made nominal highs near the first day of fall just as monthly momentum was creating lower highs.

Once support was broken, he explained, selling pressure crushed the market.

So, fast forward to this week: Are we seeing nominal highs near the first day of fall? Yes. Has monthly momentum created lower highs? Yes. Broken support, crumbling market? We’ll have to wait and see where we go from here.

“One of my favorite quotes comes to mind when looking at the above patterns,” Kimble said. “‘The odds of a repeat are LOW, yet the impact would be big.’”

The selling eased overnight but the Dow and the S&P, at last check, were both struggling to remain in positive territory.

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