After the nasty downside probe today, there are layers of buy stops above current price levels. If price worked high enough, the stops would be triggered and an all out rally could play out. Anything coming out of the Eurozone that appears to be either stimulative or that appears to push an ultimatum out on the time spectrum will be viewed as positive.
Often news and price action play out together at key support/resistance levels and it would make sense that some form of announcement will be made when the S&P 500 price is sitting right at a long term support level.
via Is the SP 500 on the Verge of a Rally? | JW Jones | Safehaven.com.
That would be a bear market rally rather than a reversal.
Nothing can stop the long term destruction of the S&P 500 that will be caused by hyper-inflation.