Chart USO - US Oil Fund

Trading in a range for the past 5 trading session signalling a potential top.
Attempt to break above resistance failed.

Has been creating new highs recently, looks due for a pullback.

Fundamentals calls for lower oil prices
- US to stop adding to oil reserves, increasing supply to market, albeit a small addition only.
- Saudi to increase output by 300,000 barrals http://dreamerziv.blogspot.com/2008/05/saudi-arabia-says-it-will-boost-oil.html

Recently movements in oil prices in the range above usd 120 constitues a negative correlation with S&P500. When oil above usd 120 moves higher, S&P500 moves lower and vice versa.

But both chart seems to look lower. So what gives?
Wall Street(S&P500) or main street(Oil)?
Look and see.

Personally, i have a bias for Wall Street to move lower.
Hee Teck