I think this is a relief rally and that is all. Some small positive catalyst came out but nothing very serious that dramatically changed anything from the current corse. We are still dealing with the same inflation and still not close to the feds target. It hasn't gotten worse which is good but we're not done yet, meaning their is most likely going to be more rate hikes, I don't know how people suddenly thought theirs a chance their won't be. The fed has caused problems raising rates and it hasn't stopped them before. I just can't see how a bottom has been found yet or that this could be "the" rally we've all been waiting for, when that happens I believe it will be undeniably strong.
I see a bearish triangle formation with a double top on the 60min chart. Rsi is high and macd both with room to come down on the 60min chart. Also the spy has recovered to moving average levels of resistance it is likely to come down off of on all time frames.