At a Cross-Section of Danger

Crude oil weakness this morning is not yet having a full-on bearish effect for stocks at-large, with the QQQ green as I write this and the lagging small caps holding $107.50 support on the IMW ETF. 

Marijuana play GWPH is shooting up (or smoking up) this morning on the back of positive results from Phase III. Other weed-related plays like INSY ZGNX are catching a bid, too, though the latter two still have plenty of work to do to cement a new uptrend. 

Overall, equities are holding the line even with USO down more than 3%. On the USO daily chart, below, ETF for crude, note how black gold is backing off both lateral resistance as well as a downsloping trendline dating back to last summer. If crude bulls can regroup and mount another attack towards $10, not to mention an infamous reverse split in triple-bull UWTI ETF this morning, they will have averted an initial cross-section of danger at this level.