We've just seen real low readings on RSI for the Indexes. For the $SPX 15 minute chart, RSI reached 15.892, and for the 5 minute chart the value is 10.304. Since we have slightly exceeded the down channel and reached the level of previous bottoms in the 1040 area, common sense says we bounce a bit here...But the decline has a long way to go, a couple of weeks at minimum...
For completeness sake, here are the RSI readings for other indexes:
$RUT, 15 minute - 18.348, 5 minute - 11.883
$NDX, 15 minute - 13.335. 5 minute - 12.049
For the Ultimate Oscillator:
$SPX, 15 minute - 25.877, 5 minute - 15.207
$NDX, 15 minute - 25.465, 5 minute - 17.483
$RUT, 15 minute - 22.077, 5 minute - 10.843
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