The Canadian and US stock markets have been moving sideways since January. This week may have seen an important downturn point but there is no way to know for certain. The minimum requirements appear to be in place for an important turn but as always this is only one possible future.
The US government, with the best of intentions, continues to throw "easy credit" at various firms trying to shore things up. Those actions may in part be helping to keep the markets in a sideways holding pattern for a time. Eventually even the US government may run out of cash/credit to do this type of thing.
This bear market may only be in the early stages. It takes time for all that bullish enthusiasm to get worn away. In addition, those trying to "guess the bottom" and make a quick buck also need to be taught a lesson. They will stop guessing after losing enough money.