This is a chart comparing the price of Oil to the U.S. Dollar index. This charts shows the mirror image of both price patterns. Looking a little closer at the relationship, the U.S. Dollar Index as recovered and made it above it's opening range from the beginning of the year. The price of Light Sweet Crude is significantly above it's opening range. If the dollar started to fade and attempt to test the lower boundary of it's opening range, the price of oil should start to chug higher.(click to enlarge chart)
Any significant increases in the price of Oil could cause the a price retreat in equities. The chart below is of the S&P 500 Index. This index is below it's opening range, but is sitting closely to the 1290.63 infection point. If this level does not hold. Look for prices to test 1260 area and then the 1229 level. It is important to notice the declining volume on this weak re-tracement rally over the past few weeks.
S&P 5oo Index(click to enlarge charts)
S&P 500 Index 3 day chart with linear regression lines and standard deviations