There is a lot of pent up selling pressure on the indexes. The MACD divergences on both daily and hourly are showing that we are all ready for a huge tank either this week or the next.
VIX is close to an important support at 33. On the best scenario, we may go through a bit of sideways movement in the coming days before the tank begins.
Direction for 04/20/2009 Monday: Down
Crude Oil (USO)
USO is still in a wedge that should break anytime soon. The wedge is indicated by the purple lines.
There is a resistance at 30 and support at 29. I believe USO should be breaking up above 30 in the next 2-3 days.
Direction for 04/20/2009 Monday: Gap down and then up
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