Pivot highs and lows, also known as reversal bars, are great clues in looking at where price is likely to go in the future. In this example, the daily Nasdaq chart has formed a pivot low reversal bar to the upside indicating a likely move to the upside. This price bar pattern is also confirmed with hidden divergence on the Stochastics, indicating that an upward move is likely for Friday, November 17th.
In this video, Gail Mercer, founder of TradersHelpDesk, reviews the daily chart for the Nasdaq with the support and resistance from the higher timeframes (weekly and monthly). As shown in the video, currently on the higher timeframes there is no overhead resistance, only support for the further potential upward movement of the market. Additionally, a pivot low formed right at an area of support on Wednesday and the three bar pivot low formation was completed yesterday. This pattern indicates that more than likely today will be an up day (expectation of another bullish candle for today).
Gail then reviews the lower timeframe support and resistance. The only overhead resistance is at 6351 (from the 45-minute chart) with a stochastics that is overextended to the upside. This indicates that a retracement is likely and the first support area should be around 6337 to 6340 with a secondary support area at 6328. If support is found around these areas, then the price has likely potential to go higher for the duration of the day. The stochastics will likely show divergence on the retracement and will likely be confirmed with a reversal pattern on the 12-minute chart, as well.