The main issue with the market right now is the volatility. As I noted yesterday, the market is in the middle of a downward sloping channel that is 20 points wide. That means there is a lot of room to maneuver. Add to that a large amount of economic uncertainty and you have serious volatility.
However, the overall background is still bearish. All the SMAs are moving lower and the shorter SMAs are below the longer SMAs. Prices are currently hitting resistance at the 20 day SMA.