Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

S&P 500 Formed a Classical Excess on Daily Timeframe

24 sec read

Excess very often indicates the end of one auction and the beginning of another auction. Excess occurs across all the timeframe and currently, SPX 500 on last Friday ended with a deep excess on the daily timeframe, which brings to the speculation of a possible short term trend change from here.

SPX 500 during the year 2022 alone had lost -18.15% and currently ended with extreme exhaustion + multi-week breakout failure on the weekly timeframe which brings the question of, is the SPX 500 is due for a short term bounce. By any means, the current low 3810 in SPX 500 is likely to be a critical one for any positional bottom formation and likely to target 4300 levels in medium term.

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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