Fairly ugly charts are emerging in the Dow and the S&P500. Dow looks worse right now because supports from July appear to have broken down. Both have head and shoulders formations.
The Head and Shoulders on the S&P500 has a neckline at 1680-1687, near the prior high of 1687 (orange line). Price has broken down through that line just now. Dow does not look better inthat respect.