I can imagine the concepts of support and resistance might work for individual stocks, or maybe for Forex. This is because I can imagine traders trading in these things by for example, value investing when prices fall above a certain level, or profit taking when they climb to a certain level. However, I wonder if this is the case with indices, as they are more removed from the underlying asset being bought and sold. Do traders really buy and sell at these levels for similar reasons? Does anyone here have any thoughts on this?