Answer : Very much so. At least according to the McClellan Oscillator. In fact, as shown below, the NYSE McClellan Oscillator is at its most oversold levels since May.
This does not mean that the bulls come rushing in now. If anything, the momentum lies clearly with the bears here. As I had noted over the weekend, the charts heavily favor the bears and that has very much been the case so far. What the oversold level does mean is that, if you have been short the markets so far, this might be the time to take some profit off the table and it might not be the best time to start new short positions here. One can expect the bulls to show up here and put up some sort of fight. But do remember, that in the "longer" term, its still advantage bears.
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Take care and good luck!