Oil is threatening to engulf the entire market due to the awe inspiring drop of 9% in one trading week. For two consecutive trading sessions - oil turned the market south. Yesterday, bad oil news led to a brutal sell-off. Today, more selling in oil put a huge dent in a massive relief rally - the Dow only ending up 63 after having been up well over 200 points. The bottom line here - the market can't continue to march higher if oil crumbles. The US is a producer nation now in oil and too many jobs will be threatened if this rout in commodities continues. Watch 60, which was breached - if the market can't reclaim 60 - watch out below.