USO Update

 USO 1 min, well the parabolic move up was predictably faded, the 1 min is still negative, but there may be a positive divergence building, it's really early and difficult to say at this point.

 The 2 min was confirming the fade of the parabolic move up and actually went a bit further south into a small leading negative divergence.

And the USO 5 min 3C remains negative. Typically we get at least 1 intraday trade on Wednesday from USO, I'd like to see a move higher or a test of the morning highs with the 1-5 min charts going negative, then I think we may have a decent fade on USO.

With a small positive divergence in the SPY, I think this is likely.

Note the first small positive divergence this a.m. around 10 a.m. and now we have a second in place.

Credit/Risk Indicator update coming up.