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Today, the United States Oil Fund (NYSEARCA:USO) rebounded higher after a sharp sell off from May 2, 2012. At that time in May, the USO was trading around the $40.00 level. This afternoon, the USO is trading higher by 0.30 cents to $31.73 a share. The daily chart of the USO will usually trade inverse to the U.S. Dollar Index. This afternoon, the U.S. Dollar Index futures (DX-M2) are trading lower by 0.29 cents helping to inflate oil higher. The daily chart of the USO remains very weak and in a down trend, however, the USO is short term oversold. Often, equities could see some minor bounces from oversold conditions before moving lower, which could be happening today in the USO. Short term traders can watch for intra-day resistance on the USO around the $31.80 area. 

Some leading energy stocks also caught a small bid higher today as the U.S. Dollar Index pulled back. Leading energy stocks such as Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and Suncor Energy Inc (NYSE:SU) are all trading slightly positive. All of these stocks remain in a confirmed down trends by trading below the important daily chart 50, and 200 day moving averages, however, these stocks are all oversold in the short term.