USO Chart

 

the bottom at 12.5 is near term. I see resistance at 20, with a gap circled near 19.

tb

SPY Daily and Weekly Charts...

the daily chart looks like it could bounce from here...short term trade...

the weekly chart looks like it has a long way to go before it will reach a real bottom, which would be a excellent buying opportunity for the long term...

tb

VIX Chart

Do not lose sight of the unfavorable volatility... It's being ignored for too long...

The months of September and October are generally not good for equities...

We have two possible outcomes...

Blow off top in equities, sending VIX to all time lows, under 12.
OR
We start the rise in volatility right about here...slowly...quietly...

the MACDH near the 0 line is when big moves occur...and MACDH is at 0 now.

tb