It certainly looks like a low formed in the risk window that I noted in this past weekend's post. According to my EWave count, this rally is probably part of the "c" wave up inside a larger "B" wave. The next important turn will be the end of the "B" wave. The plot below shows some symmetry that is pointing to a completion of the "B" wave in late June, early July at the big "X", so maybe early 4th of July fireworks leading to the start of a "C" wave down.
A Fib expansion from the top in blue, a Fib expansion from the end of the first wave in this "B" wave in red and an "A" = "B" measurement in green all point to this late June early July window for an end to all this happiness. No idea what the driver might be, but there's an Uber full of potential ones for this "C" wave wreck.