Yes, very often a news driven day can be discarded particularly in the early hours of trading. It will be important how we close tomorrow and the following day. The trend now is certainly down though and any bounce up is going to provide me with some exit points on longs and entry points on shorts.

With the markets pointing downward this coming week, will the Ultra-short products come to the fore as a lower-risk means of trading in this bear condition?

Perhaps Monday will not be representative of what the charts indicate, what with the bailouts of the Macs announcement today.
There could be a false rally for a few hours to begin the week, but sometime during the week, the ultra-shorts may be worth watching closely.