Please remember the posts I put up on 5/23/2016 and 6/2/2016. There are times when the market participants all seem to pile into the market in the same way. It actually creates potential energy that will push the market the other way when the trades begin to get unwound.
In this instance, the market priced in a Bearish picture. The rally that might be getting created doesn't necessarily mean the Bull scenarios is playing out in full. It just means that the Bears are taking their foot off the gas. Fundamentals will have to change before the market fully begins to price in a positive vibe. Earnings will be key, as will the geo-political issues.