And the answer to that question is not quite yet, but certainly very close to reaching oversold levels. Following are the charts of NYSE and NASDAQ McClellan Oscillators with the oversold levels marked on the charts.
Of course, oversold can easily become "more oversold" just as overbought can become "more overbought". What the above charts are telling us is that the odds favor a bounce soon. That does not mean one should go heavily long here as the momentum still lies firmly with the bears. But if you are already short, think about taking some profits here and if you are not, be wary of starting new short positions here.
Take care and good luck!