I think by end of day we will see a decent decline in oil. USO will test 4.5 by EOD as nerves grow on a OPEC deal. I don't believe a favorable deal will be achieved between Saudi, Russia, & US on Thursday, which fill further plummet oil. Saudi & Russia are looking to claw back market share from the US and want to see US shale belly up.
SPY will steady trend downward and test 265. If successfully bearish, Leg then test 247 by Thursday. Oil Deal will be a huge determination of trajectory of the new direction. I don't believe a deal will be made on Thursday. Even though Saudi & Russia are bleeding, they want to capture more market share and force US shale back. Keep an eye on the sharp VIX increase...
