Post-open Review… Paradigm shiftiness.

Rubio catalyst does a 540-degree turn, while the market’s content with a 180.

The overnight rally that had been ranging flat-to-higher had just started breaking higher when we finished this morning’s Market Tour. Extending to 2665.25 was retraced 3 points to attack the flat-to-higher ranging from above. The two never touched before surging to 2667.75 pre-open.

Immediately improving another point immediately began consolidating through the 10:15 bias timing window, ranging between 2666.00-2669.00. The 2565.75 bias-up target was only attacked to within 1 tick, and the bias-up signal was renewed.

Almost like clockwork, the Rubio catalyst behind yesterday’s drop announced another reversal. Spiking up through the 2671.75 renewed bias-up target to 2675.50. The doubly-renewed bias-up target is the pre-existing 2677.75 “unfinished business above.” It can be neutralized by attacking it to within 1 point.

Almost like clockwork again, the Rubio headline is being walked back, sort of (“hasn’t seen the text”). Even if not, its knee-jerk reaction should be retraced to its 2668.00 origin, probably down to 2666.75. Already, the spike has been retraced to 2670.50. Back above 2673.75 would suggest the high’s overbought RSIs will be retested first, presumably at least 2676.75, too.

Meanwhile, we have two contradictory setups trying to co-exist. Maintaining the gap up above yesterday afternoon’s 2664.00 bias environment high has formed a “session-long rally” setup. Every timing window but one should probe its prior timing window’s high. Which will be difficult this afternoon against the bearish WedEX’s influence. Unless the one window exception is the bias environment or last 60-90 minutes. Either of which could contain a deep slide.

As a reminder, the week’s earlier indications of strong trending attempts, which fail and reverse, continues to play-out. Nothing has changed, and this morning’s rally is as vulnerable to reversing.