SP Futures Hourly Chart

Although there are many ways to play a market intraday, as indicated by the short term trendlines in red, the US equity markets are in a downtrend that is rather difficult to dismiss.

When will it end?

We are not sure what the catalyst will be, but at least an intermediate bottom will be reached at some point. In the meanwhile short term relief rallies and short squeeze attempts, such as we saw this morning, will occur on an almost daily basis.