Is the Fed Losing Control of the Markets?

We survived the 20 basis point hike that a lot of people thought was not going to happen hiking into a banking crisis with a red candle. We're bouncing nicely here on Thursday morning early into the European trading session before US markets open. I think we may be beginning a new rally back up toward 4300 that doesn't make any sense to me because I think the Fed is losing control of the markets. The spot on cues is 309 expect to move for tomorrow's off X is plus minus six points so upside 315 which is the high from yesterday to the low of 303 would be the target downside right now.