The pattern morphing continued today with the bears trying to disrupt things at the open. The news flow was very negative so the bears thought they had some traction. They were mistaken. After gaping down fairly close to the bottom trend line on the rising bearish wedge, the buyers stepped in. They tried to shove the S&P down through 1275 but to now avail. It actually would have taken a solid push down through 1270 to have me rethink my currently short term bullish stance. Watch the bottom of that trend line very closely as they may try one more push down before the last move up begins. In fact I'd prefer one more push down. The pattern would look a little better to my eye. 1320 has a bullseye on it as it represents a 50% re-tracement of the May-July decline and is also very near the upper trend line in this wedge. Commodities are trying to rally but feel heavy right here. I do expect a significant (bear) rally in oil and most commodities very soon. It will probably coincide with stocks topping out and moving lower from this rising wedge pattern. This could all happen in the next two days but could stretch several days further just to frustrate the maximum number of traders. It was 13 trading days from the first peak of this pattern to the second peak. It's only been three days since that second peak but the channel is narrowing so the resolution to the third peak should take less time. Over the weekend I may give you my bigger picture view of what's happening. I haven't done that yet. We'll see. Anyhow, this is what you need to know today.