While the possibility for a news driven crash like decline still exists, I'm inclined to think that barring any extreme new negative news, the markets are attempting to reverse at present levels. I've marked up the MCO chart with why I think this is the case.
Below is a set of SPX charts in different time frames. The lower low in the PPO (MACD) on the daily chart indicates that more time is required to complete the bottoming process. Typically this would occur as a lower price low accompanied by a higher low on the PPO ((MACD).