premise: It's another day of celebration, with a parade and signs, with many people in attendance.
hypothesis: People are celebrating a local festival, cheering alonside a parade
explanation_1: Not all celebratory events are a festival.
explanation_2: The  festival might be part of a larger national festival, and the people might not necessarily be cheering.
explanation_3: There are many other celebration types besides a local festival. Also, it never says they are celebrating by cheering, or that people are standing alonside or even anywhere near the parade.
premise_logic: exists p1 x1 x2.(n_day(x2) & n_thing(x1) & exists x3 x4 x5 x6 x7 x8 x9.((x1 = x3) & of(x3,x4) & with(x4,x8) & in(x8,x9) & n_attendance(x9) & n_people(x8) & n_quantity(x8) & subset_of(x7,x4) & n_sign(x7) & subset_of(x5,x4) & with(x5,x6) & n_parade(x6) & n_celebration(x5) & n_day(x3) & -(x3 = x2)))
hypothesis_logic: exists e1 e2 s1 x1 x2 x3.(for(e1,e2) & alonside(e2,x3) & n_parade(x3) & Actor(e2,x1) & v_cheer(e2) & Theme(e1,x2) & Actor(e1,x1) & v_celebrate(e1) & n_festival(x2) & a_local(s1) & Theme(s1,x2) & n_people(x1))
premise_sim: exists x1 x2.(n_thing(x1) & n_day(x2) & exists x3 x4 x5 x6 x7 x8 x9.(with(x5,x6) & with(x4,x8) & subset_of(x7,x4) & subset_of(x5,x4) & of(x3,x4) & n_sign(x7) & n_quantity(x8) & n_people(x8) & n_parade(x6) & n_day(x3) & n_celebration(x5) & n_attendance(x9) & in(x8,x9) & -(x3 = x2) & (x1 = x3)))
hypothesis_sim: exists e1 e2 s1 x1 x2 x3.(v_cheer(e2) & v_celebrate(e1) & n_people(x1) & n_parade(x3) & n_festival(x2) & for(e1,e2) & alonside(e2,x3) & a_local(s1) & Theme(s1,x2) & Theme(e1,x2) & Actor(e2,x1) & Actor(e1,x1))