Here is a look at the SP500 Index since the beginning of August - daily bars.
I've outlined three channel that have been in existence since the 8/09 bottom. The first, in purple, starts with that bottom. It was badly breached in late September - early October. An expanded trend channel, at double the width (not shown) would come close to containing the October 4 low.
The blue channel, up from there, outlines a steep and dramatic retracement. This trend topped on October 27, and the index has been sliding since. I've placed the red channel lines around this decline.
I thought the purple channel was gone after the late September drop, but the lower boundary has been touched several times since mid-October. If the red channel has any validity, this week's penetration of the purple channel bottom signals a new phase of decline.
Looking at the even bigger picture, it's hard to see anything really positive happening.