The Dow traded in its narrowest range since Aug. 27.
Oil was mixed with West Texas intermediate edging slightly higher and Brent falling to a new four-year low. Traders said Brent was pressured as it looks doubtful OPEC will make production cuts to support the price at its Nov. 27 meeting.
Read MoreOPEC feeling pain as oil slides to new 4-year low
There are also expectations that U.S. inventory from API Wednesday afternoon and the government Thursday morning will show a build in oil supplies.
James Paulsen, chief investment strategist at Wells Capital Management, said the retailer earnings this week and Friday's retail sales data could start to show positive impacts from falling gasoline prices.
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"I do think there's some building expectations with the job market reports and energy prices and even mortgage rates that the consumer should start to show some pickup here," he said. "We've had some good GDP numbers. If anything the consumer side of the equation has been weak, and it's sort of inexplicable given everything else."
Paulsen said he's also watching Wal-Mart earnings Thursday but especially Friday's October retail sales reading. "I guess what you're wondering is if there is any evidence that gas prices are affecting consumers. There's been just about enough time that they should start to show up a little bit. You certainly have seen it in confidence numbers, and if it really shows up in retail numbers, I think people will take notice of it."