A narrow-range trading pattern for NQ on Monday. With NQ overbought and at doub-top on the daily chart, and the short-term pattern not showing any setup for a big move we could see another sideways choppy pattern for NQ on Tuesday.
One key exception is if the shorts get forced to cover above 18,700. If so we could see a strong trending move up. The probability of this happening is about 20%. The higher probability is for NQ to pull-back down (trade lower) before breaking out to the upside.
Key level to watch for breakout is 18,700. Trading below that is bearish.
Bitcoin and gold are both very bullish.
