I do think a good part of today’s move was short-covering with the scope of the move exacerbated by both the near-term oversold conditions, the fact that QQQ & many leading stocks closed on or very near support on Friday coupled with both Trump & Beijing back peddling on their trade war rhetoric as they both realize it is not only a zero-sum game but more importantly, our stock market & theirs is a power-keg over overvalued stocks sitting on the edge of a technical cliff. Nothing gets the Fed backing off their jawboning with the threat of raising rates or the leaders of a developed country to cow down like the stock market throwing a hissy fit like it did last week.
Although I favor at least some mild downside tomorrow, I wouldn’t be surprised in the least to see the market build on today’s gains. Since I don’t like crap-shoot odds, I just closed my index longs before the close at those targets & will see how things play out tomorrow. Glad you found those targets useful & just don’t beat yourself up if the market rally again tomorrow & throughout the week. Best to wait for the most objective setups with clearly favorable R/R profiles.