If you were wondering: When will it end? Here is a chart of the USO oil tracking ETF and the $SPX with 30-minute bars for the last 4 weeks. Oil in red high-low-close bars and the $SPX in green.
Until this resolves itself, it could continue this vicious move.
Greg Schnell, CMT
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).