The price of patience.

Late rally effort finds plenty of sellers.

By ranging sideways through yesterday afternoon, the session rally had not gained traction for its effort. Gapping up today and extending quickly would have signaled new sponsorship had arrived. But any delay between the two would signal the extension was an afterthought.

In fact, the open”s gap up to 2117.25 consolidated through the entire first hour, and only then did it probe higher. The probe didn”t last 3 minutes before reversing down sharply from 2020.25.

The minimum objective for reversing down was 2113.50, being the morning”s bias-down signal and being too late to trigger it. So long as 2116.00 wasn”t recovered, the likely objective was a test of 2112.00.

2112.00 is being tested now during the noon hour. The noon hour is an appropriate window for noise, and recovering 2114.50 would signal the drop”s noise was absorbed.

Meanwhile, price action since yesterday morning”s high is still likely only a temporary consolidation. There is room down to this afternoon”s 2108.25 bias-down signal before suggesting otherwise. But that”s not required, and 2112.00”s test could just as easily service as the consolidation”s bottom.