This chart tells us a number of important points. First, the S&P 500 is strongly correlated with oil prices, but is now diverging with equities gaining the most ground. This is either extremely troubling or the S&P 500 or quite promising for oil (which is down for today). Second, oil is flashing overbought with RSI oscillator. However, we could also be witnessing former resistance as support in the upward trending channel. Overall, quite divergent signals from oil and equities.