USO Update

 USO 1 min like the market looks to be in the overbought region and yesterday looked ready for a pullback.

 USO 5 min shows this more clearly.

 However, the longer term trend at 15 min looks very strong with a leading positive divergence of some substance.

 Even a daily chart suggest some unusual strength for the intermediate term, maybe longer.

USO, being most sensitive to fluctuations in currency is trading up this morning by +.70%. As the Euro strengthens, which accounts for 50% of the Dollar Index, the dollar generally falls as you see the pair above.

Oil is pried in USO dollars across the world, so when the $USD falls, there is an instantaneous adjustment to crude prices to compensate.