Well, first and foremost earnings have broadly been pretty good and above exp and European financials rallied quite hard on the news that there is something that remotely resembles a solution.
too much volume, it's THE top. (of course, we could have mutiple of them). Rule #11: Don't ask why. Even if you do, don't believe there is answer.
Go to Google Finance. Click on SP500 -- 1 month. You see, huge gaping hole at 1350. Why did the market just pop? Cuz that gaping hole needs to be filled, that's whhy!!!???