Increasingly solid posture, including well-provisioned hedges, a turning point for chart watchers.
A number of decent earnings releases are some of the explanations.
Add in some short covering, and the outcome was a run-up in the S&P 500 futures from the low to the high that reached a widest point of 5.6%.
In a market with crosscurrents flowing in all directions, including a Federal Reserve determined to control inflation while keeping one eye on financial stability.
The only motto has become to anticipate the unexpected. The S&P 500 reversed course on Thursday after losing half of its gains from the epidemic low in 2020.
A blow to wealth that, while it hasn't yet shown any signs of slowing inflation, may eventually contribute to that objective.