NQ1!, Monthly Pivot Retest, Inflection level to watch

CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
Market has formed yet another consolidation area right above the monthly pivot . The last session breached the level for a short period of time. This is not enough market generated information to infer the next move. Wait and see approach. The monthly pivot is an important inflection level watched by big players. It is also a battle ground level for them. The price may oscillate there without making a directional move driving the short term traders nuts.

If the monthly pivot is defended then we should expect a push back to the top of the recent balance (previous month R2). If not we may see a move to monthly S1.

The week has the FOMC announcement. Regardless of the outcome a spike in the volatility is highly possible.