USO Update

 This shows volume picking up on probes below the trendline so this trendline is being watched and traded.

Here are several negative divergences off resistance and the last one off USO's attempt to move higher.

Either 3C is going to have to give us a positive divergence and/or a move in USO back above the $39.80 area. It's not uncommon to see a shakeout before a move through important resistance, but at this point, there's not a lot to go off except what we see right now. This is still a guessing game and as I said, I like probabilities. I'll keep you updated, at least we haven't seen a waterfall sell-off when USO broke support.