The market is fixated on buying the dips, also we are currently in the strongest leg of the presidential cycle therefore Bush!t needs to keep the market aloft as long as possible in readiness for re-election.
He will not get re-elected if the market is falling. So yes, it is profit taking and buying the dips. All against the natural dynamics of supply and demand of course and when this market reverses search for the "crash helmets"...
