Let's break it down in more detail.
The S&P 500 broke the 200 Day Moving Average and stayed below that red-line for the entire trading week. What's more - is even the snap back rally failed to get close to the all-important 200 Day. Why is this important? Basically, stocks can be complicated - however, there is a simple rule I use when judging stocks/indexes - Above the 200 day - uptrend - below the 200 day - downtrend. Until the S&P 500 re-gains the 200, I'm not saying the market is out of the woods. Watch 190 here (1900 in the general S&P 500)