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Oil regains hold on stocks; data to show if economy going into low gear

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Personal income and spending and car sales will be important reports Tuesday for markets that are concerned the economy may be stuck in low gear.

But the biggest influence on stocks may be the direction of oil prices, which closed down nearly 4 percent Monday, briefly dipping below the psychologically important $40 per barrel level. West Texas Intermediate crude futures closed at $40.06.

"We broke the correlation with WTI and the S&P when we were in the $45 or $50 range. It's back. The biggest draw down we saw in the market today was when WTI went from being down 2 percent to being down 3 percent, " said Art Hogan, chief market strategist at Wunderlich Securities.