USO Update

Yesterday morning  posted, "Long USO? Better Be Careful"

Today, she's lower and the warning signs were there, as a matter of fact, I included charts of the Crude Short, SCO.

Let's take another look...

 USO 1 min went in to a sharp relative negative divergence yesterday when I first posted in the morning there was trouble there and then in to a worse leading negative divergence. Right now it's trading about in line/confirmation of the trend, with 3C.

 The 2 min chart shows numerous little accumulation and distribution areas going up, but that leading negative divergence in the red box, especially yesterday, was an ugly sign for USO, again currently trade is roughly in line.

 5 min on the move up we have 3C higher highs with price/confirmation of the trend (green arrows) and the last 2 days a nasty negative leading divergence, nothing has changed since as far as 3C signals.

 USO 15 min shows very strong accumulation (white arrow) and distribution in to higher prices, then a leading negative divergence, trouble was clearly foreseen by Wall Street.

 USO 30 min, another leading negative divergence-the strongest kind of divergence and on a long chart like 30 mins is a big warning that something is not right.

Even the 60 min is lagging now.

I don't personally have a problem being short Crude here with something like SCO, although any intraday strength would be great as an entry point.