The O.C.

The last major Fed rate tightening cycle was in 1994 and the subsequent soft landing secured Greenspan's reputation as an infallible oracle. However 1994 was not without dislocations. The rising rate environment caused a few headaches with Orange County's bankruptcy as one of the the most notable financial stories of the year.

Key level to consider: the January low, which if broken may lead to fireworks. Notice the rapid collapse of the $NDX in late March 1994 as the January 1994 low's were broken coincident with rising short term rates.