Resistance areas on Nasdaq futures may push price down today especially with the Stochastics overbought on both the 180 and 720 minute timeframes.
Resistance Areas on Nasdaq Futures
Both the 180-minute and 720-minute charts are shown below. Notice that the TradersHelpDesk Stochastics is showing that both timeframes are overbought. Although we would typically expect price to push through the congestion dot (gray dot) on the 180-minute chart, with the Stochastics overbought, it may actually go down from here.
Additionally, the 180 minute chart is indicating trend divergence to the downside and the 720 minute has potential hidden divergence because price is making lower highs and the Stochastics is making higher highs. A reversal bar to the downside would confirm the hidden divergence formation.
With the current resistance areas on Nasdaq futures forming, today could be a down day. I would suggest watching the daily chart as price is trying to retrace up to the ATR. However, given the current analysis formations displayed on the 180 and 720 minute charts, price may have found an area that will serve as resistance to push price down further.