Even though we have some technical indicators that are showing possible reversal (i.e. Bollinger Bands; the S&P is trading at the lower Bollinger Band which is a sign of possible reversal for this week), the markets are in still bearish.
Some Momentum indicators that show bearish market condition:
Slow Stochastics: Markets are in oversold condition, the K line is bellow 20 and it will stay there until we see a reversal.
MACD: We have a bearish divergence bellow the 0 line which is a bearish signal.
RSI: Is still negative and it did not show much strength this week.