Post-open review… GIGO.

Potential for trending no better than its sponsorship.

The software programming world coined the phrase, but its meaning is age-old: (If) garbage in, (Then) garbage out.

Similarly, without strong-handed sponsorship, trending opportunities are rare. At least, reliable trending, not to mention non-erratic.

The open had an opportunity to leave behind the overnight pessimism, but couldn”t hold above 1927.00 through the open. Its aggressive reaction down had an opportunity to retest overnight lows, but couldn”t get under its 1916.25 3-minute low.

Picking the resolution”s direction from the middle of a range isn”t that difficult within a trend. But gapping open without extending or reversing through the open is the opposite of trending.

There is transparency when probing either end of the consolidation. And probing the open”s 1930.00 high didn”t reveal any change in sponsorship. So, a reaction down was expected, and now 1920.00 is being tested.

Extending down to the range”s other end would target 1910.25 or 1908.25. Weak-handed sponsorship might suggest that its test would hold, but that would depend on its timing — weak-handed counter-trend sponsorship might be unable to prevent price collapsing from its own weight.