NQ opened with a huge gap-down and then trend down soon after the open on Monday. After the initial sell-off NQ simply traded sideways in a narrow trading range into the close.
The afternoon trading pattern looks bullish and should bounce if it can stay above key support at 11,980. Key resistance to break is at 12,070.
Trading above 12,070 could trigger a short-covering rally, and trading below 11,970 could cause a sharp sell-off.
On the daily chart, NQ looks like it want to drop down to 11,700 support.
With FOMC decision on Wednesday we could see a choppy sideways market until the announcement on Wednesday.
