USO Update

If you want to find something useful in the market, look for slight changes in character, they usually lead to more pronounced changes and even trends. This has been an interesting trend in USO and I can't see how it can be called bullish.

 Today's intraday trade is a perfect example of a small change in character that became a trend and is defining a trend in USO. These early pops that sell-off...

 On a 15 minute chart we see a number of them, note the general trend of price...

 Here's the trend in price, this trend also started around the same time we started seeing the strong opening faded in to the close, the candlesticks tell the story, look how many opened at the top of the day's range and closed near the bottom.

So far, even with all the volatility, the 1 day trend channel has held the trend, it hasn't been violated once on a close.