Trump just announced a 5-day pause on Iran strikes and futures are up 2%+ across the board, is this the relief rally or a dead cat bounce?

Saw the S&P futures chart on Blossom this morning and honestly had to look twice because I thought I was still half asleep. Trump announced a 5-day suspension on attacks targeting Iranian energy infrastructure, citing “constructive talks” with Tehran, and Iran immediately came out and denied any talks even happened. And yet S&P futures +2%, Dow +2.1%, Nasdaq +2.1% and oil dropped hard after weeks above $100.

I get why the market is reacting because after weeks of constant bad news people are desperate for any sign this thing is winding down, but a 5-day pause where the other side is denying the talks even exist doesn’t exactly scream resolution to me. Hormuz is still a problem, the Fed still isn’t cutting, inflation is still sticky, and $XOM $LMT $RTX everything that ran hard on the war trade is about to get tested at open.

Are you buying this gap up or does it feel like a trap to you?