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Kennys Stock Market Trading - The Week Ahead 14 Feb
February 13, 2011

Issue# 0004 13 Feb 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.

S&P 500 Cash Index - The Week Ahead

The Week That Was...
Khalsa gave us another fantastic Free Friday and if you have not yet had the chance to take a look, please do join us next week. Don't forget that you can also benefit from a free weeks analysis over at when you register for Khalsas free forums and contact K to request your free week, quoting Kennys Elliott Waves Blog

For last week, timing studies for the S&P 500 suggested a CIT was due on Friday 4 Feb and based on this, we were looking for the market to top out with a possible spill into early Monday.

In fact the market gapped open on Monday and never looked back, leaving the gap at 1310.87 still open, and breaking to yet another higher high where it closed on Friday.

The Week Ahead...
This weeks analysis is a mixed bag and is not certain which way it will go until the market opens again. Bulls need another gap and go move to avoid a back test of 1323 which the bears need to print to kill the uber bullish elliott wave count. 

Based on the fact that prices are up against the upper rising channel trend line and it is possible to count the move as a complete elliott wave count, I am biased towards a down move this week again unless the market gaps open on Monday.

As we all know, Elliott Waves can just keep on extending a long way and in the larger time frame I can see no real reason why 1330 should mark an important top and the next major fibo is the 78.6 retracement at 1381

Pivots Monday Weekly Monthly
R3 1354.76
1361.99 1372.24
R2 1340.05 1342.94 1327.19
R1 1334.60 1336.05 1306.65
Pivot 1325.34 1323.89 1282.14
S1 1319.89 1317.00 1261.60
S2 1310.63 1304.84 1237.09
S3 1295.92 1285.79 1192.04

Current Week  Stock Market Trading Trend Up Month   Stock Market Trading Trend Up Year  Stock Market Trading Trend Up
Open 0 1289.14 1257.64
High 0 1330.79 1330.79
Low 0 1289.14 1257.62
Range 0 41.65 73.17

Previous Day  Stock Market Trading Trend Up Week Stock Market Trading Trend Up  Month   Stock Market Trading Trend Up Year  Stock Market Trading Trend Up
Open 1307.01 1311.85 1257.64 1116.56
High 1330.79 1330.79 1302.67 1219.8
Low 1318.66 1311.74 1257.62 1011.40
Close 1329.15 1329.15 1286.12 1258.84
Range 12.13 19.05 45.05 208.4

Key Support and Resistance Levels

High? 1334
Current 1329
Open Gap 1310.87
Low? 1293
Bold Numbers = Stronger Support and Resistance

Trade Set Ups for the Week Ahead

Last week was not a good start as both trades stopped out. For this format I am using a 10 point stop loss on the weekly trade and  3 points on the day trade. This resulted in a -13 for the week.

This format may not work as I am unable to updates the trading plan on a live basis and the stock market is a constantly moving target.

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.

That said, I do not give up easily and will continue to try to develop the format in to a useful resource.

Kennys Stock Market Trade for the Day

Market Trade Open Target
S&P 500 Cash Index Sell 1333 or Best Price 1324

Kennys Stock Market Trade for the Week

Market Trade Open Target
S&P 500 Cash Index Sell 1330 (from Friday)
 or Best Price

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

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