Volume ledges provide support on downmoves until the selling climax and the move runs out of steam. See 2011 on chart.
Note how the ES is at a huge volume ledge at present. If this fails then the 1250-70 area below is interesting.
1269.75 is an HVN and MCHVN from the January up move.
Zooming in – 1254 is 2012 low and the top of the December balance before the huge breakout to the upside after the “Santa Claus Rally”.
1244 contains decent volume from that balance top.
At an extreme level 1200-1205 should see a lot of shorts try to cover at B/E.