Lots of supply/selling at these levels in the past (lower red arrows). We'll see if that continues now (yellow arrow). If it breaks above it, then we'll see how it deals with the higher red arrows, where huge supply/selling happened before. https://s3-us-west-2.amazonaws.com/maven-user-photos/seanhyman/fundamentals/IOSU6hIfr0e_ddd3b0bprg/erJRv8jPTk64ZZ-BSwibCw
Hourly chart of the S&P 500 futures (which is right in line with the S&P 500 index).