I've seen some people draw parallels to 1987: high valuations, rising rates, a new Fed chair, an euphoric rise in the market. Here is a little throwback from the Journal to the year 1987:
Before the Fall - Crash of '87
A new valuation paradigm: Private Equity and the rise of "private market value". EBITDA over earnings.
A change at the helm of the Fed.
Sentiment, right before the break: