Direct answer
SPY may rise due to market breadth and earnings expectations improving.
Most likely bullish catalysts
Earnings beats
Improving earnings beats can support a stronger bid in S&P 500 ETF.
US economic growth
Improving us economic growth can support a stronger bid in S&P 500 ETF.
Low inflation
Improving low inflation can support a stronger bid in S&P 500 ETF.
What confirms the rally
- Confirm the move is supported by market breadth rather than a thin short squeeze.
- Check whether leadership across related etf markets is also improving.
- Only trust continuation if the chart holds gains after the first impulsive push.