You already know the narrative. QE3 + ECB Bond Buying + Chinese Stimulus.
Now the technicals could be lining up for a potential bottom in the intermediate term. Pattern is a bull flag in the context of a big "f*ck you candle" from two weeks ago.
Keep this in context-- longer term trend is at best neutral, and we've seen fakeouts like this in other markets-- I'm looking at you natural gas.