SPY-USO Update

 SPY 5 min in a leading positive divergence suggests we have more upside here.

 Plausible targets? I'd say the base of the descending wedge would be an obvious one, it may also create another false breakout/volatility, the white box is the area, although we'll have to continue to monitor 3C for signs of distribution.

USO

 a 5-day chart shows the significance of the USO move which has been pretty predictable thus far. The resistance zone from q1-2010 is the next area we'll be watching.

 On the hourly we see a good divergence here that should be able to hold USO's uptrend for awhile longer as the accumulative cycle is rather large, meaning there's a lot of shares to distribute and we aren't seeing that process underway as of yet.

On the 1 min, there's a bit of a negative divergence, but most indicators get turned around in the volatility of a consolidation such as this bullish ascending triangle, I wouldn't be too worried about it and just watch for the next breakout above the 2 p.m.-ish highs today.