ChartWatchers Newsletter from StockCharts.com

The VIX is designed to measure the implied volatility of S&P 500 index options. As fear ramps up, the VIX normally rises indicating that volatility will be picking up as well. A rising VIX is synonomous with a falling equity market. A falling VIX is synonomous with a rising equity market. As the VIX falls too far, complacency becomes an issue. On the flip side, as the VIX skyrockets, fear is elevated and a panic bottom generally forms. When the VIX lost its rising trendline in late March/early April, it was further evidence that the market was going higher. Currently, the VIX has reached a support level. A bounce off of this support level would likely coincide with a drop in the stock market.
From StockCharts

Is it the Financial's weakness or the drop in Oil prices that will have potential to move the markets more this week..