With the trend down on the S&P 500 hourly chart, the higher probability trades now lie there with shorting into rallies.
Potential case in point: the current upswing from Friday's lows.
To determine a trigger point for a short trade into this upswing, we can shift to the lower 15 minute time frame. I will define that trigger level as the swing low prior to the most recent high of 267.01 (based on the SPY). The trigger would be a 15 min. close below 261.88 on SPY.
Should this occur, one could either short on the breakout or wait for an upward blip to take a position (since S&P 500 often does not break cleanly through key levels).