Here are the charts showing some accumulation into the dip, it was to be expected that the broken support earlier would be tested as resistance. Again we are still fairly early on.
For newer members in understanding the 3C charts below, changes in trend start on the earlier timeframes like 1 -5 minute. This is also where we can see accumulation and distribution of the market's middle men like the NASDAQ's market makers and the NYSE's specialists as they accumulate or distribute shares in front of an impending intraday change of direction. If the divergence (accumulation or distribution) is strong, it will make it's way to the longer intraday charts like the 10-min and 15 min charts where we can see reversals for market swings on a short term basis. Hourly charts won't show information as quickly, but they have a greater impact and daily charts show the most significant longer term information.
In reading the charts, I use arrows to point out divergences between 3C and price. A red arrow=a negative divergence (distribution) a white arrow= a positive divergence (accumulation) and a green arrow indicates that the trend is being confirmed as 3C trades with price. When you see boxes around 3C that shows a more important leading divergence, same color codes. Click on the charts for larger views.
Take a look at USO which was added as a probing trade as USO is sitting on the 50 day moving average, a good place to launch a move -whether it be a bounce or something more. It's on the February Trade list linked at the top right on the site.
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