Relief Rally

If you look at YearoverYear inflation data, then we have a Down Trend from June.

9.05% in June, 8.52% in July, 8.26% in August, 8.19% in Sep and 7.74% in Oct. 4 months in a row, inflation % has went down.

If you look at MonthoverMonth data: Inflation was down from June high to July and August, but in Sep it rise 0.21% and Oct it rise 0.40%, so people can pick the data based on their bias. This seems like a relief rally, Fed will still raise rate in December (25, 50 or 75) to be decided based on other data.
Indexes are going to remain range bound, but individual stocks (based on the latest earnings they have posted), will outperform. We are still in the bear market.