Kimble Charting Solutions notes that Crude's current streak of being below its 200-day moving average is its longest ever.
The ratio chart below shows the UUP (Dollar ETF) vs. USO (Oil ETF) and the inverse relationship they've had over the last year. The Dollar's strength has been a negative for oil and its attempt to find a firm bottom. What's also interesting is the potential double top in the spread ratio (yellow line).
How oil resolves itself will have a meaningful impact on the global macro markets (stocks included). Energy names have been decimated this year and that's most definitely contributed to some of the S&P's lackluster behavior. As for which way it ultimately breaks, we'll let the pundits argue over that. For now, we're content watching and observing free of biases. We can participate once a definitive trend has been established.