After 5 down weeks in a row - a quite rare losing streak the past few years, many market participants are expecting some sort of cursory bounce this week. It's going to be tricky for bears to some degree, since we are quite oversold and hence to quick bounces, but the attempt Friday by bulls fizzed by mid day. A lot of secondary indicators are quite oversold as well.
S&P 1295 (April lows) remain the key level; a close below that could lead to much more meaningful downside in the intermediate term - although near term, we are again quite stretched as last week was horrid.
The first week of the month is data heavy, and then it slows down. This week does not bring much in the way of market moving economic reports, but The Bernank apparently speaks at 3:45 PM today. So bears could step out of the way in the closing hour, although at this point I don't know what this guy can say other than I plan to eradicate the remaining middle and lower class by taking oil to $150 with QE3. He is boxed in and knows it, although won't admit it.
Earnings season begins anew in about a month, and I expect things to be generally positive again, but between now and then are a few weeks lacking in catalysts ex Greece.