Let's take several different looks at last week's action.
The daily chart shows a very bearish orientation. Prices are below all the SMAs, all the SMAs are headed lower, and the shorter SMAs are below the longer SMAs. But let's add a few points.'
1.) Notice there are two very long candles, which occurred on Tuesday and Thursday. There are bearish.
2.) Note the escalating volume that occurred throughout the week
3.) Note the market was down about 15% last week -- that's a huge drop.
On the 10 day chart, simply notice that the week before last (the last week of September) the market stabilized a bit. Most of the damage was down last week.
On the 5-day chart, notice there were two big moves lower last week. The first occurred from the beginning of Tuesday to mid-Wednesday. The second occurred from the beginning of Thursday to almost the end of Friday. Also note the market moved lower for most of Monday. In other words, far the majority of time last week the market was moving lower.
Keep in mind that with last week's action numerous people are looking for a reversal. Considering how oversold the market is at this point, that would make sense. However, I made the observation on Wednesday that I was expecting a reversal and look how far that went.