This is not a cry to long VIX by any means, but it seems we are off the lows having had the lowest implied volatility in the first quarter of 2017 EVER recorded. Realized volatility was the lowest in 40 years.
What is does tell us though is that the rally is fading, uncertainty growing, and the key level to watch is the fresh low set by the S&P500 week before last.
Oil looks to be forming a wedge shape on the daily chart, which looks to indicate that USOIL will go up towards 55, before shooting back down to around 43.
Looking away from the chart, the macro outlook here is uncertain. There are some concerns around the supply in the market, and a lack of buy-in from non-OPEC countries in terms of a deal.