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The Tell: Chart watcher: Stop comparing 2016 stock market to 1987

Stocks have stalled. Bond yields are rising. And perhaps most ominously—it’s October. So it’s no wonder investors are jumpy.

In fact, Wednesday will mark the 29th anniversary of Black Monday. On Oct. 19, 1987, stock markets around the world imploded, with the Dow Jones Industrial Average DJIA, +0.42% dropping 508 points, or 22%, marking its largest one-day percentage decline on record.

A number of charts have been making the rounds warning of parallels with 1987. Market technical analyst Murray Gunn of HSBC last month warned that a breach of the 2,116-1,991 range by the S&P 500 SPX, +0.62% or of the 17,992-17,063 area by the Dow could trigger a bigger selloff.

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