BATS:USO UNITED STATES OIL FUND
In a most interesting turn of developments, the previously mentioned key low of $38.21 did turn out to be a significant pivot point for . I say this because the US was closed through Monday yet markets were trading. Crude Oil itself did violently gap lower through the Sunday evening session but by time today's retail trading rolled around prices had rebounded. So much so, actually gaped higher to start today off - go figure. Because of this odd trading, I still do believe we need to have itself trade down into that OTE Long Sweet Spot and maybe today's price action has set that move up. Specifically, we rallied through the early part of today's session (I was able to get one long trade off and took 36 ticks by going long at 107.84 and exited on a trailing stop at 108.20) up into resistance (the previously mentioned potential 'bot' formation key entry level and hourly trend line) and then promptly failed. The failure can clearly be seen in the indicator as we actually finished the day with a negative reading there. While it is far too early to call a 'top', I shall be watching tomorrow's session for signs of that top and a potential trade down into the larger time frame OTE L SS zone.