S&P 500 daily chart shows the market breaking lower from the recent up trend channel.
Dow daily chart shows it broke lower from a bearish wedge several days ago.
Dow monthly zooms a long way out to illustrate that the market is in a position where it could complete a huge bearish megaphone pattern, which would suggest a decline to below the 2009 low is beginning. A false break above the upper line would signal the megaphone pattern is complete and the big decline is beginning.
Dow weekly zooms back in to the upper trend line from the monthly chart. Key action coming up methinks. Below the June low at 16673 would confirm the false break and megaphone pattern completion.