NQ traded sideways in a very narrow trading range on Monday, consolidating just below double-top on the daily chart. It is either consolidating just before breaking out above double-top on the daily chart, or a topping price action just before reversing back down.
But whatever it may want to do next, only time will tell, key level for Tuesday is 2775.
-- Bullish above 2775, target a re-test of August 21 swing high, targeting a lower high or higher high.
-- But below 2775 implies consolidation is still in progress, next target down is 2760-2765. If that does not hold, next target down is a re-test of August 24 swing low.
FT Pivot Numbers
R1 = 2792.50
Pivot = 2784.50
S1 = 2775.00
Market Profile Number
UVA = 2789.50
POC = 2785.50
LVA = 2780.50
Below is a weekly chart showing SPY (S&P500 index ETF) currently trading just below its 2008 swing high, now acting as strong resistance.
