Trying to understand today's market move, would appreciate some thoughts.

After Trump's latest speech, markets sold off pretty sharply. But today, equities (especially QQQ) are bouncing while oil is also moving up in the morning.

Is this related to the Iran Oman discussions about drafting a Strait agreement? That doesn't seem like a major bullish catalyst to me.

Also, technically speaking, $QQQ looked like it was already entering a downtrend, so why are we seeing this kind of rally today instead of continuation lower?

Is this just a short-term squeeze / positioning move, or is the market pricing in something bigger that I'm missing?

Curious how others are interpreting this.