? Lol the problem isn't defining it...the problem (for the TA challenged) or as you refer to them as technicians, is understanding those levels versus drawing random lines on the chart.
Resistance is a level above the market where there has been indications of more supply or traders selling than buying. It is a point to watch what happens as price approaches it. Will it be turned back or continue. Resistance lines can only be drawn after the fact. It has nothing to do statistics. It has to do with what (tendency) has happened at price in the past at that level. All resistance cannot continue. It will always be broken at some point. It is at that point that the bulls (i.e. bullish institutions) overwhelm the bearish institutions). Retail traders don't bust through it with follow through unless they are trading 100 contracts or more. You nor I can know when that will happen but when it does we will see it and know what to do. At least I will. It has nothing to do with fibs or random lines drawn. Nothing to do with statistical retracement. It is not and cannot be measured mathematically. You cannot know when an institution will act. Resistance and support levels are where they have acted in the past and there is a good chance they will act again as price gets close to it until THEY decide price needs to be at a higher level for some reason that cannot be known to you or I. Same concepts apply to support levels except in reverse. It is avpoint at which buying institutions overwhelm bearish institution. The line can only be drawn after the fact and and extrapolated out into the future and then observe what happens as price approaches it.
Only institutions create those levels with the pressures they apply to the market. But they do indicate how they have been acting in the past. Until they get ready to act differently. Our potatoes chip money is not enough to create those levels. Nor will mathematical calculations create them. Money and size is what creates them and the institutions have the deep pockets to move the market.. to them...thru them...or reverse down from them. Since you nor I can know thru math when or just how they will act at those levels until we "see" them act. It is no sin or failure to see them broken. They will always be broken at some point. It doesn't mean they false or random. The market cannot and will not stay at one point all the time. It will always move to create more transactions. Such is it's nature. Hey plenty of institutions lose too. Some other one overwhelms them. Bulls and Bearish institution are always active on every bar regardless of the time frame. That is why you get a bull bar then a bear bar. Or 3 bull bars and 1 bear bar. Or a series of bear bars then a PB as profits are taken and as bullish institutions try to reverse the bear trend. Bears will try to keep the bear going ...especially late bears that failed to get in on the move. Bulls will try to reverse it. ALL SESSION LONG THIS IS BEING PLAYED OUT ON EVERY BAR AND EVERY TREND...TR..CHANNEL.
If you look at MasterWxy's Way: the EW, the CnH, the never Cut a loss and now the Fibs, it's like he starts off with good intentions but then walks down a Deadend Street.
It's frustrating trying to explain to somebody how they are wrong when they don't have a basic understanding of how price moves. Hey is this how P feels when he's trying to explain options to people???
Also the fact that the eMini daily chart is strung together multiple contracts so how applicable can exact support/resistance lines be from prior contracts - as well with gaps in between?