S&P 500 Potential Support and Resistance Levels
Looking at S&P 500 mini futures (ES1!) we can see some order blocks as realized and potential support and resistance.
A bearish order block was formed at R1 in late February and acted as resistance in early March, while a bullish order block was formed at S1 in early March acted as support at first but eventually failed on March 5th. In that time a bearish order block was formed at R2.
Moving on, in mid-March a bearish order block was formed at R3, and later a bullish order block was formed at S2. We can see price reacting similarly at R3 and S2 as it did at R1 and S1.
If price breaks up from here we might look for the order block at R2 to act as resistance. Meanwhile, if price breaks down, we might look for first the order block at S2 to act as support, allowing a higher low to formed.
If that fails, and if the bottom of the previous range fails to hold, then we would look for support to be found in the range defined by the bullish order blocks shown at S3 which were created by 2016 price action.
A bearish order block was formed at R1 in late February and acted as resistance in early March, while a bullish order block was formed at S1 in early March acted as support at first but eventually failed on March 5th. In that time a bearish order block was formed at R2.
Moving on, in mid-March a bearish order block was formed at R3, and later a bullish order block was formed at S2. We can see price reacting similarly at R3 and S2 as it did at R1 and S1.
If price breaks up from here we might look for the order block at R2 to act as resistance. Meanwhile, if price breaks down, we might look for first the order block at S2 to act as support, allowing a higher low to formed.
If that fails, and if the bottom of the previous range fails to hold, then we would look for support to be found in the range defined by the bullish order blocks shown at S3 which were created by 2016 price action.
Comment:
Price is currently moving to test S2 and continuing to form a range between R3 and S2.
