Stock market has still stayed in a bearish market structure. Observing multiple bull rallies throughout since February/March 2022. And bull rallies will continue so long as market sentiment continues to expect a more negative month/quarter than it actually is, although still in a decline versus previous month/quarter.
We can tell bearish market sentiment from the recent economic data releases where: Forecast < Actual < Previous Forecast is lower than the actuals, and actuals being lower than previous
We are in a decline, but expectations were that of a faster decline which is not happening. The economy remains resilient, and this will mean the FED needs to do more to hamper down on inflation.
Expecting more aggressive rate hikes, where on the announcements, stock market is expected to make a move lower.