Two big factors that outweigh common sense when it comes to our opinions on the economy. First, the Fed is pumping in so much liquidity which is a driving factor in prices. Second, so much bad news is already baked into people's minds that any news almost can't be worse than what people were already expecting. With states starting to re-open the economy there is optimism. Will this be a sell the news event or will this drag on as positive news as more and more things open? At some point, this optimism will peak and maybe we are almost there. However, there is also point one about not fighting the Fed.
I've been bearish and thinking we need to go down and retest, but I've also been questioning my bias as the market rises. Realizing once again that it might be bad to have a bias and better to just trade what the market is telling us.