What we have here is the SPY in green and the Euro in red. The SPY has made a "Traditional' "W" or double bottom, the reason I say traditional is this s what you see in technical analysis textbooks with the second low slightly higher then the first, in real life now these are almost always head faked with the second low being lower then the first, drawing in shorts who will be squeezed and triggering stop orders for longs, this didn't happen today as I doubt they have the time to run such a head fake and it may not be in their interest as far as what they want to accomplish today. The Euro is higher and thus supportive to higher equity prices from this intraday base.
We'll see, but the positive divergences have at least stopped the bleeding to the downside, so there's no reason to think they won't provide upside support. The DIA/QQQ and now even the SPY are all looking better on the short term charts
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