Let's take a look at the charts to see where we are.
For all the craziness from last week, we would up pretty much where we started. The markets were in a downward sloping channel on Monday and rebounded on Tuesday with a strong rally at the end of the day. The rally continued on Wednesday as the market consolidated in a triangle pattern, but prices fell hard on Thursday. Finally on Friday we see a triangle consolidation at the bottom. Sure seems like an awful lot of energy to get nowhere, doesn't it?
On the daily chart, notice the following
-- Prices have clearly bounced off the bottom. The question now is do they have the momentum to continued upward?
-- The 10 day SMA is about to cross over the 20 day SMA
-- The 20, 50, and 200 day SMA are still heading lower
-- Prices are using the 10 day SMA as technical support.
I would say the short-term trend is bullish so long as prices stay above the 10 day SMA. If prices fall below that level then we move into neutral/bearish territory.