Russell 2000 In Consolidation?

The Russell 2000 futures has been range bound for the past 6 months, as shown on its continuation chart. This range between 2366.00 on the high to 2084.40 on the low looks to be in consolidation.  The interesting thing is the large volume at price cluster that's developing between 2299.00 and 2199.00.  This cluster is currently the largest dating back to its March 2020 bottom.  Once prices break outside of this range, I expect this large volume cluster to serve as an import level of either support or resistance.  Let price action dictate the breakout direction and then look to enter positions on pullbacks into the volume cluster.

If we break below 2084.40 with a nice bearish candle, then I would look to short any pullbacks into the volume cluster.  If we break above 2366.00, then I would look to go long any pullbacks into the volume cluster.

I will be watching this market closely and will provide updates when warranted.

russell 2000