With the move to 956 today and the subsequent pullback, the first assault on the June high is complete. The sell off after hitting that level wasn't very impressive, at least in the fact that it didn't stick. 

This sets the stage for 956 to fall tomorrow or Thursday and lead to a quick move towards the top of the (possible) megaphone pattern. I still haven't heard many market watchers mentioning that pattern as a possibility yet. That's a good sign, if you're a bear.

I have to say that if I look at the big picture with an open mind it appears that stocks and commodities could move higher right here as the dollar moves lower.  I have other data that suggests otherwise, but the charts, with the exception of that pesky megaphone, make that outcome look almost obvious.    

So watch for this....the market moves higher. Then the megaphone activates and causes a nasty sell off from about 980 back to near 900 crushing the bulls. There it finds it's footing and marches relentlessly upwards toward the higher targets crushing the bears once again.

Of course the megaphone could be a non event thereby allowing the inverse H&S pattern to propel the market much higher very quickly in dramatic fashion.

So the bulls are still in charge tonight, but they may get challenged very soon.