ERX (oil) vs UUP (dollar)

These are both the same 3C chart on a 1-min scale, which calls intraday moves, usually it is picking up on market maker and specialist activity. It is important in calling swings, but it is also the first place we see any change of character. Other then that, market makers/specialists are often called upon by institutional money to fill large orders, they try to do it in small chunks as to not drive up or drive down price, depending on the position. A VWAP is helpful in analyzing the market makers performance, as they accumulate, they will usually try to accumulate below the VWAP or distribute above it. A good fill for an institutional customer guarantees more business.

 Oil you can see saw accumulation right off the open, when prices got a little high around 11:45, they sold some, most likely to bring their target zone in line with the VWAP.

The dollar on the other hand saw distribution right on the gap up. Near 10:45 there was some accumulation although not heavy-just a relative divergence. Since then it seems the dollar is being sold.