Intraday market bounce?

I still don't have my preferred tool of choice, but looking at the SPY, it looks possible we just saw a shakeout.

A good RSI positive divergence on a 1 min chart.

Here support is broken, volume picks up, there's your shake out. Watch for a bounce from here if the SPY crosses back above the trendline (now resistance), it'll produce a mini-short squeeze.