Crude Oil fund USO is tickling a lower short-term low today and that is not a good sign for the would-be bottoming process that people seem to be managing.
We noted in this week’s NFTRH report that Crude had been struggling with the MA 50 and here is USO turning down from it today. We also noted that commodities continue to look precarious at best, with a few outliers like RE, Lithium and Uranium making bounces.
Further, a weekly chart of the USD shows what looks like a consolidation, not a correction in the making. Given the pervasive bullishness on the USD, I have thought it would have taken a decent correction by now, with all the anti-USD stuff bouncing. But so far, it’s not happening.
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