Yesterday morning, during the live coaching sessions, we anticipated the e-mini Nasdaq futures (as well as the mini Dow, e-mini Russell 2000 and e-mini S&P 500) to go down. And it did after the 10 am market report. But where will it go today?

A quick analysis of the higher time frame indicates that the market is likely to retrace this morning. First, it is at a potential support area. Second, the Stochastics is overextended to the downside (no big surprise). Once the retracement is complete, then, if price finds support, the downward move could resume.

Where will Nasdaq futures likely go today after opening?
Nasdaq Futures, 10/2/2019

While a trader could enter off the higher time frame chart, a better option would be to zero down in time for confirmation. Currently, with only about ten minutes remaining, the move to the upside is being confirmed along with a magenta peak (confirming a retracement for resistance is needed). Of course, it is also necessary to determine where the likely retracement will end, as well.

Nasdaq Futures Potential Resistance Areas

Where is price likely to find resistance? The 7700 or 7750 could be a potential resistance area. If price approaches one of these areas and they hold, then a new low could be made this week.