The Euro

I think to the extent that there's short term support for the market, it is coming from the Euro...

 The red arrow is the Bernanke speech, the green arrow is a pullback in the Euro, which sends the dollar lower and gives the market some support, of course we are looking at a very small slice of the action and not a significant pullback here.

 FXE-The Euro trust has a 1 min positive divergence, so it could provide some temporary support in the market.

 However, the bigger news is the longer term Euro/FXE charts. You may remember yesterday we had positive divergences in the FXE in all the short timeframes and it concerned me, "How can the market fall with the dollar weak and the Euro showing more strength?" Well those have completely disappeared today! This is the 5 min.

And the 10 min!

It looks like the question answered itself.