On Monday we tweeted about a large resting sell order in the emini S&P 500 at the price of 1950.00. There were also more sell quantity available just in front of the 1950.00 price...notice the larger than normal offers. Here was the tweet.
— MarketDelta (@marketdelta) February 29, 2016
It is one thing to see it on the DOM but an entirely different thing to know that the quantity actually traded. When large quantity trades at a certain level you can think of it as fuel for the market. The Footprint chart does a superb job of showing the market being fueled by volume and showing it play out in real time.
The screenshot below shows the large offer being completely filled. Notice, it wasn't cancelled. Most often when a large order like this is filled there will be a wave of aggressive selling that follows, but that didn't happen here. If no aggressive selling enters, you can expect higher prices to test the short sellers and all the fuel they added to the market at 1950.00.