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.
"A new, invisible and at times virtual, tyranny is established, one which unilaterally and irremediably imposes its own laws and rules. Moreover, indebtedness and credit distance countries from their real economy and citizens from their real buying power. Added to this, as if it were needed, is widespread corruption and selfish fiscal evasion which have taken on worldwide dimensions. The will to power and of possession has become limitless." Francis I, 16 May 2013