This week, in addition to the fact that SPX/QQQ is gapping down huge on its weekly chart, almost "all" other TA indicators are showing oversold condition.
I think at least 50% of the rally so far is driven by the technical oversold conditions. Whether we can sustain this will be decided by the Tariff policy coming out after market close
Below is an example of MACD on SPX daily chart, SPX MACD has not been so oversold in history, except only one time in 2020 during COVID crash. Combined with weekly gap distance, this rally, at least on the short term basis, is a very high probability trade.