Oil is down a lot, to under $30.
The COBE Volatility Index is up a lot — hanging out above 30.
It's been rare for the VIX to close higher than oil. In fact, it happened just once in recent years: Aug. 24, 2015. That ended up signifying the bottom of the summer 2015 downturn. The stock market went back up, and finished the year much higher from that point.