USO Update

Would you look at that! We may get our chance to open or add to a USO position after all...

 There's the break below support I warned we might see accumulation in the area of the stopped out shares from longs with stops RIGHT AT SUPPORT, how obvious and predictable can you be?

 There's the volume as the stops were triggered and USO creeping back above what was resistance and now is support again. This market's hallmark over the last several months has been as a meat grinder, punishing longs and shorts with just this kind of volatility, this is why it's important to take a step back when viewing the market.

 The 3 min USO chart is in leading positive position at the break below support, my guess is those shares (and someone has to take the other side of the trade) were accumulated. There aren't a lot, it's not enough to start a new trend, but maybe enough to shakeout the shorts above the triangle where they will likely have their stops.

The larger view, I'm using an important 15 min chart, but the even more important 30 and 60 show the same, a leading negative overall divergence. I used the 15 min because it shows a negative intraday divergence as well.