One year ago today the S&P 500 hit an all time high

The S&P 500 peaked May 21, 2015

On Thursday, May 21, 2015 the S&P 500 touched 2137, it's been downhill ever since.

More accurately, it's been a rollercoaster. Equities chopped sideways last Summer and then plunged 12.5% from the high in August, bounced almost all the way back and then fell 15.2% from the high in Feb.

Here are a few of the events that happened in the week the market topped:

• Yellen spoke the day after the market top and said a rise at some point this year is appropriate
• Traders pissed off after discovering Coeure ECB speech delivered in private
• FOMC Minutes: Many Fed officials thought economy unlikely strong enough for June rate rise

USD/JPY peaked at 126 two weeks after the S&P 500 high.

We now sit 3.86% below the all-time high and a rough head & shoulders top has formed. It's broken a couple times but hasn't closed below. With the hawkish talk coming from the Fed, a trip down to 1975 is what I expect to see next.