Commodities are staging a sharp rebound this morning, while the stock market slips back. Traders finally seem to be taking notice of geopolitical issues, as tension mounts between Russia and the U.S., sending crude oil back up above $118 a barrel. Also adding to a bullish tone in energy, the Energy Department reported Wednesday that U.S. gasoline supplies fell 6.2 million barrels last week, more than double analysts’ predictions.

Weakness in the financial sector continues to dog the stock market overall, and September S&P futures are starting the session on a downbeat note, erasing Wednesday’s gains. Lind Plus Senior Market Strategist Jeff Friedman notes the S&P futures remain below the 20-day moving average at 1275, technically bearish. Momentum indicators, the Stochastics and Relative Strength Index (RSI), likewise signal sideways to lower prices in the near-term. He said if the S&P extends the week’s decline, the reactionary low at 1247 is the next target in terms of support. A close above 1286, the 10-day moving average, could temper the bearish outlook for swing traders.

Friedman said day-traders should be on watch for a possible rally attempt, with resistance at 1279. However, he sees mid-morning strength likely to evaporate by later in the session as the bears look to be in charge today.