The similar fate of S & P 500 and Dow Jones 30

 While going through my social media recently, I came across training & coaching advertisers' videos talking about S & P 500 is officially into bear market. I very seldom look at other US indices other than Dow Jones, but the comment made me feel curious about S & P, and how the advertiser justifies S & P 500in bear market.

As I open up different charts, the similarity of Dow and S & P caught my eyes. The similarity is to close that I first thought I have opened the wrong chart. Only upon close inspection that I noted the difference between the 2. I have attached both charts for reference here. 

Fig. 1 Dow Jones weekly chart
Fig.2 S & P 500 weekly chart

Considering the close resemblance between the 2, can I safely say that I am also covering S & P5 00 when I analyze Dow Jones?

Looking at the charts, both counters have gapped down, recovered and congested, supported by 144-week moving average. There is slight difference between the 2 though: S & P 500 has broken the 100% projection support while Dow have not. 

The question now is where will they be heading, up or down?

My ast post on Dow, I did not feel positive about the counter and I am more bearish. That post was done on 3rd July 2022. 

While it indeed continued to have lower lows and highs since then, there seems to be some support in this congestion. For the last 2 weeks, the bars contain small bodies with relatively long tails. 

If I ignore the tail and focus on the body, I can say that the formation looks a little like a flag, and flag flies half pole. 

It is highly possible for the counter to head north in the coming week to meet the 21 and 89-week moving averages, coincidentally the 100% projection resistance mark at 32,485.

As for S & P 500, the projection resistance is between 100% (4,014) to 127% (4,093). 127% mark coincides with 21 and 89-week moving averages. 

Nevertheless, I will still maintain that Dow Jones is still heading south for the time being, as trend has stronger momentum. Same goes for S & P 500.

For S & P 500, I may see support at 3,391, coincidentally both 100% projection support and resistance turn support.