SPY, USO, SLV

SLV

 SLV 1 min 3C is confirming the move up this a.m., however...

 Not so on the 5 min and the breakout could represent a false breakout, if so, SLV will be set for a swing short trade, we need to se the red trendline broken on 1 min distribution.

SPY

 Still, the downdraft is being confirmed in the SPY 1 min 3C chart.

 The 5 min has an obvious negative divergence which is partly what led to my post yesterday suggesting I feel comfortable saying the distribution cycle from the bounce up has started.

USO

 1 min chart is suggesting at least profit taking here, we'll see if it develops into something more important. Remember to catch my post this morning  "What You Need to Know About USO"

 So far, the 5 min isn't too bad off, it isn't in confirmation, but it can take some time and this early in the a.m. I wouldn't expect it. However if we don't see improvement here in an hour or so, it could suggest that the 1 min chart above is showing more then just profit taking.

Here's an intraday stop, a 22 bar m.a. on an hourly chart should roughly approximate the Trend Channel setting here. Don't let a winning trade go against you!