I am zooming in real time on the chart i posted yesterday while USO was trading at $36.92 (Click Here) ! I've said that if USO would recapture this line and close above $37 that would be bullish for oil prices and hence for equities in general. USO was actually rejected on the downside. Why did this happen at this precise price level i've picked yesterday ? (Ask technical analysis) !! ;) As long as USO fails to recover this lost support line that will give more chance for the red scenario in SPY to occur ! I don't see new highs in SPY if USO does not participate on the upside !
