Technical look on SP500 - I see SHORT but.... these sunday we are waiting for results of DOHA meeting ( OIL production freezing) and other stair is YELLEN with her printers.
Hope for poor company earnings this week .. our last chance for short. :/
Now oil is positively correlated with the SP500 because the price is too low and every movement of oil up affects better results of energy comapnies contained in the SP500. On the other hand, low oil bad influences on inflation in the USA and this causes prolongation of accommodative policy = Dovisch Yellen = SP500 goes up. IMO oil on 60$ -80$ level should positively interfere on inflation which will bounce it upwards. If it happen, and if labor market will still be strong, and if unemployment will not fall and will be stable, and if GDP will not fall then the FOMC will raise interest rates which will affect negatively on the earnings of listed companie on SP500 - then we go down. So its very hard situation and hard to predict what will Yellen do or Iran or OPEC. So I think SP500 will be corelated with oil to 60-80$ per fat. If Oil move higher then SP500 will be negatilvy corelated with SP500 and Yellen helps with it. :)