BEAR ARGUMENT
I have Rising Wedge (Bearish) Pattern in 360 minutes chart. To support this bearish pattern argument, these are tons of other bearish rising wedge patterns.

This is 60 minutes SPX chart. It is hitting currently @ important trendline & there is a higher probability of reversal from here.

BULL ARGUMENT
This is 10 Year Treasury Yield chart. Bullish TNX means bullish SPX.

Conclusion:
I have both bull & bear sides speaking from technical analysis. Georgia-Russia war might push price of crude oil high and fear of US-Russia war also plays a role indirectly since Georgian Troops are trained by US-British Army.