It seems Mnuchin is rallying the PPT to run a DCB (dead-cat bounce) and short squeeze to $252.87 to test Feb. lows at which point we will resume downward march to $219.63, the strong floor of the Trump rally. I have taken 50-80% profits on my puts and am looking to reload after a relief bounce. It's tough for market to drop this much without a dead-cat bounce. Also notice last time we bounced at RSI ~17.5 and we're at ~21. (Please notice the continued bearish divergences on RSI/price as well.)
However, there exists the distinct possibility that Mnuchin's activation of the PPT will simply rattle the markets more and we will temporarily forgo a DCB. We shall see.