With SPY looking tired, it is logical that SRS may move higher from here. This 15-min chart shows a base of several days now in place and strengthening technical indicators, i.e. TSV and MACD. Price moved back above its 50-bar moving average (orange line) early this morning and has held above it for the entire session.
TSV really turned positive yesterday and has continued to hold pretty much above the zero-line. MACD turned positive several days ago and remains short-term bullish.