I returned home from vacation late last night & I have started the process of catching up on the charts this morning. Market updates, commentary & trade ideas will begin to resume as normal going forward & I should have caught up on all trading room questions & private messages by the end of today.

So far, a couple of things worth mentioning stand out to me. The first being the divergences on the 60-minute time frames of the major stock indices that I has highlighted in Sunday’s video. As of now, with the markets trading higher after the first 30-minutes of trading, we have a mixed bag. Both the Nasdaq 100 & Russell 2000 Small Cap Index have burned through (taken out) the negative divergences on the 60-minute time frame while those 60-minute divergences are still in place on the S&P 500 Large Cap Index & S&P 400 Midcap Index. More importantly, all major US stock indices have now printed divergent highs on the daily time frames, albeit what I refer to as “unconfirmed” divergent highs as the MACD is still pointed higher. Charts to follow asap.

The other significant development occurred yesterday while I was traveling & that was USO (crude oil ETF) hitting key support while forming a divergent low on the 60-minute chart. That key support level was the support level in which the final target on the recent USO short trade was placed just above. That level also corresponds with the 10.70 pullback target that has been highlighted on the daily chart for some time now. The actual support level on the recent series of 60-minute charts was placed at 10.67 with USO hitting a low of 10.64 yesterday, just 3 cents below. The first chart above was the last 60-minute chart of USO posted on June 20th followed by today’s updated chart.

My apologies for the late notice on the USO divergent low/tag of key support as it had occurred yesterday while I was in the middle of what turned out to be a 14-hour drive home & didn’t catch it until today. However, I will continue to review the charts including that of $WTI to see if crude or any energy related stocks or ETFs look to offer objective entries.