The NQ's spread between December 2021 CT and March 2022 CT has been wining wildly between Contango and Backwardation.
The spreads flip from Flat to Down to Up.
Looking back to January 2020 CT and FEB-MAR 2020 we witnessed very similar action in the M1-M3 CTs.
With spreads this tight, it creates the ability to hedge during RTH should a Trader find themselves able to capture a spread for Profit and Hedge Risk.