Charts: One Week Doesn't Make a Bottom

The FTSE 100 index's 3,750 close last week was "quite exciting," according to Nick Batsford, technical analyst at Hobart Capital, said Monday. "People are almost turning bullish," he added.

"We hit 3,475 which is a massive down level in recent sessions, and it held," Batsford said.

But he said he is not "absolutely convinced" that the UK index has hit a bottom yet.

"There's just nothing to tell us we've found a bottom yet," he told CNBC.

"People are looking to sell the rallies. For me, we really need to get above 3,850, which is the 21-day exponential moving average," Batsford said.

After the S&P 500 index hit a low of 666, it had a "technical rebound" and held a massive "sell" signal in the 800-820 area, according to Batsford.

On Monday, London's FTSE 100 index was up over 2 percent, while futures indicated a positive open for the S&P 500 index.