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Kennys Stock Market Trading - The Week Ahead 28 Mar
March 27, 2011

Issue# 0010 27 Mar 2010

Stock Market Trading

Traders Day Trading & Kenny's Elliott Waves Blog

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Welcome to Stock Market Trading the new look newsletter for 2011 from Traders Day Trading & Kenny's Elliott Waves Blog.

Important, the information provided here is supplied for educational purposes only and should not be taken as financial advice or an inducement to trade. Please refer to the full terms and conditions at  and seek independent financial advice where necessary.

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S&P 500 Cash Index - The Week Ahead

The Week That Was...
Last week we had a mixed bag of signals. The plan was bullish for the week, but with short term weakness on Monday. We expected to see 1293 before Wednesday and probably 1303-5 too.

In fact, the market gapped up and went all the way there on Monday. It breezed through the 1293 target and then 1303-5 on Thursday. The high of week came it at 1320 on Friday before closing at 1313.8

Wednesday was the important day as the bulls had show up for work then to have any chance of saving it. They did, and set up Thursdays break through 1303-5 by closing it back above the upper trend line of the declining channel.

The Week Ahead...
This week we remain medium term bullish and could see another gap up on Monday, although the ITD turn that was due on Wednesday is now overdue. Although not essential, the ideal target that would clear things up a bit would be 1330-3, so there may still some work to be done there.

I will post an Elliott Wave chart in my blog later, but there are 3 main counts here to follow. The bullish Elliott wave count I am going with, now requires 1300.58 not to print for the short term rally to continue but in reality, it looks like 1310 should be strong support with 1303-5 as crucial support.

Pivots Monday Weekly Monthly
R3 1334.07
1381.57 1430.00
R2 1324.34 1343.34 1375.07
R1 1319.07 1328.57 1351.15
Pivot 1314.61 1304.48 1320.14
S1 1309.34 1290.34 1296.22
S2 1304.88 1266.88 1265.21
S3 1295.15 1062.96 1210.28

Current Week  Stock Market Trading Trend Down Month   Stock Market Trading Trend Down Year  Stock Market Trading Trend Up
Open 0 1307.07 1257.64
High 0 1332.28 1344.07
Low 0 1249.05 1249.05
Range 0 83.23 95.02

Previous Day  Stock Market Trading Trend Down Week Stock Market Trading Trend Down  Month   Stock Market Trading Trend Up Year  Stock Market Trading Trend Up
Open 1311.80 1281.65 1289.14 1116.56
High 1319.88 1319.88 1344.07 1219.8
Low 1310.15 1281.65 1289.14 1011.40
Close 1313.80 1313.80 1327.22 1258.84
Range 9.73 38.23 54.93 208.4

Key Support and Resistance Levels

High? 1334
Current 1313.8
Low? 1310
MT Pivot 1293

Bold Numbers = Stronger Support and Resistance

Trade Set Ups for the Week Ahead

Last week we did not get the weakness expected in Mondays trading. The swing long entry was not filled, so our only trade was stopped out for -5 points, although there was up to 5 points profit to be had from it in live trading.


NOTE: For this format I am using a 10 point stop loss on the weekly trade set up and 3 points on the day trade set up, unless otherwise indicated. 

It is important to remember that technical analysis does not tell us what will happen, it is about the odds and probabilities of what to expect to happen given a certain set of circumstances. As circumstances change so must expectations, and trading plans must be adapted to fit those new circumstances.


Kennys Stock Market Trade for the Day

Market Trade Open Target
S&P 500 Cash Index Buy 1310 1319

Kennys Stock Market Trade for the Week

Market Trade Open Target
S&P 500 Cash Index Buy 1313 1330

Kennys Elliott Waves Blog - View Latest Chart Analysis
Kennys Technical Analysis Charts

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