Historically it shouldn't be this correlated. I have been watching to see any changed to this correlation, I figure it will come at a price extreme for one of the two.
Today we saw a lot of which can mean a change in attitude.
I noticed in the last bit of the day and into after hours oil dropped with the inventory report but SPX hasn't followed. This could be an opportunity to short SPX as oil has been a leading indicator. Or it could be a change in outlook. I will have to wait a couple days before I say change in outlook.