Things aren't looking good, yet . . .

Many traders use these charts to determine market sentiment. I won't go in to what they measure (you can find information here on Stockcharts.com, but they are often used to determine whether the market is overbought or oversold.

I just wanted to point out that we haven't been near this oversold level since 2002 for the S&P and since before 2000 for the NY stock exchange.

I don't think that necessarily means we'll see a bounce or we'll see further declines. It does indicate that things are at extreme levels right now, and we haven't seen times like this for nearly six years (or more).