USO Update

I saw USO futures last night and this morning, there didn't seem to be much to say immediately as they looked like a near term pullback at the cash open as well as what they saw this morning pre-market.

However, so far there appears to be growing strength and the accumulation zone is getting higher and higher which makes me think they are getting ready to let USO rip to the upside.

 Last week's stronger "W" base rather than a "V" base which is what the market took off on last week, not a strong base to hold gains or an extended move, but this is.

However note that the former accumulation area at the bottom of the "W" lows around $20.50 is now seeing leading (stronger) positive divergences at higher levels, even though it looks like they gave it a little tap to knock it lower to pick up shares at the best price available, This higher range of accumulation suggests to me they are taking whatever they can get and likely looking to a move to the upside very soon.

 Brent Crude futures show the same thing this morning.

 The 2 min USO chart is leading positive to an even greater extent.

 The 3 min trend change in 3C and price should be evident.

As with charts out to 15 mins.

Again, I do NOT see this s a major trend change, but likely a major short squeeze.