Sentiment is improving as the earnings mostly beat the expectations. It seems that the earnings are not as bad as they thought. As such, more buying and pushing up the market. What is rarely talk about is that due to the sharp rising, the short positions are also rushing in to buy, in order to reduce their positions and risk. This short covering helps to further push up the price. While there is a rally, this rally is coming from positive sentiment and short covering. Sentiment is a very fickle thing and can flip at a snap of a finger. If really tempted to buy and think this is a true reversal, one can always buy a small position to test it out. Do note the general macro environment remains unchanged (high inflation, high oil, more hikes and QT coming, recession risk, high risk events like crypto, Ukraine war are not over yet).