USO Update

 Based on the internal dynamics of USO during the bearish consolidation, my opinion was that USO would break to the downside, which it did as you can see on this daily chart.

On the 5 min chart we see some very typical market price action after the initial break below support (red trendline to the left of the chart), there was a quick pop back above resistance which saw a negative divergence at the red arrow sending USO lower (again very typical behavior). Now USO seems to be working on a 5 min positive divergence. This could be a quick snap back to resistance or if it continues, it may signify the start of accumulation for a bigger move, but you should be aware of it. We'll continue to monitor the situation and look for any trades that may come of this early divergence.