Post-open review… Head-fake it until sellers make it.

Opening decline is setting today”s tone.

After recovering almost 20 points to attack the 1939.00 overnight high before the open, a last-minute blip-up pierced 1941.00 by 3 ticks.

Recovering 1941.00 would have rejected the head-fake template discussed in The First Trade blog post and during the pre-market Tour. Similarly, reacting down immediately back under 1938.00 confirmed it.

Back under 1938.00 and 1934.00, to 1927.00. And after consolidating back to 1934.00, that”s breaking lower to test 1918.00.

The head-fake template hasn”t completely rejected the overnight rally, but that”s its objective. Meanwhile, this morning is still bias-up. In fact, its bias-up signal is renewed, for having exceeded the 1922.75 bias-up target through 10:15. But all renewed targets have been met already.

There consolidation resisted by 1934.00 had some instances of “ineffectual optimism.” Now there”s more, bouncing off of 1918.00 after barely touching yesterday”s post-close surge. Yesterday”s cash session close equated to 1907.75 and RSIs were oversold simultaneously at the 1898.75 low to require its retest. That”s the least of it, so long as the bias environment isn”t exited in rally mode.