The S&P 500 (NYSEARCA: SPY) is marching higher on signs that inflation has peaked, but it is not a rally you should trust. The most recent figures for S&P 500 earnings from Factset suggest that not only is this rally not to be trusted, but this market may even move down to set a new low. Peak inflation is good news, but the FOMC and high prices hurt the S&P 500 earnings power.