Preliminary report and FDR data are out.
It appears MCAS did in fact make several Stab Nose-down inputs.
Pilots trimmed back up and selected switches to CUTOUT. But the stab remained in a nose down angle. Crew seen pulling back on elevator continuously. They decide to re-energize the stab cutouts so as to trim nose up again (only slightly). It is then when MCAS goes "I've had enough" and adds another 2,5degs nose down. Airplane dives.