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Kennys Stock Market Trading - The Week Ahead 28 Feb
February 27, 2011

Issue# 000 28 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...
The plan for last week was to be swing short based on the S&P 500 Futures reaching the C = 0.618 x A at 1342.  This was still short of the equivalent target on the cash market with a potential 1353 target on the cards but we felt that there should be a reactive move anyway.

Our estimated posible range for the week was 1353 as a high and 1293 as a low. The market sold off, gapping down on Monday and went all the way to our support zone at 1293. This was where the S&P 500 bottomed out for the week.

The Week Ahead...
Finding support at 1293 keeps the larger trend intact so we still do not have confirmation of a trend change as yet. This means that we can still not rule out going all the way back up to close Mondays opening gap and then on to 1353 now that 1293 has been confirmed as the medium term pivot.

The market has already retraced 50% of the decline and we expect a gap up in S&P cash at the open on Monday. After that is can close the gap and we will probably see a consolidating move whilst the market digests the recent stort term volatility.

Pivots Monday Weekly Monthly
R3 1342.48
1406.98 1372.24
R2 1329.21 1362.33 1327.19
R1 1324.55 1341.11 1306.65
Pivot 1315.94 1317.68 1282.14
S1 1311.28 1296.46 1261.60
S2 1302.67 1273.03 1237.09
S3 1289.40 1228.38 1192.04

Current/Trend 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 1344.07 1344.07
Low 0 1289.14 1257.62
Range 0 54.93 86.45

Previous/Trend 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 1307.34 1338.91 1257.64 1116.56
High 1320.61 1338.91 1302.67 1219.8
Low 1307.34 1294.26 1257.62 1011.40
Close 1319.88 1319.88 1286.12 1258.84
Range 13.27 44.65 45.05 208.4

Key Support and Resistance Levels

High? 1353
Current 1319.88
Low? 1304

Bold Numbers = Stronger Support and Resistance

Trade Set Ups for the Week Ahead

Last weeks day trade set up was very conservative as were were allowing for a possible pop at 1353 and this did not materialize. The weekly trade set up was short from 1343, again with very conservative target of 1312, and banked 31 points.


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.

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 Sell 1325 or Best Price 1311

Kennys Stock Market Trade for the Week

Market Trade Open Target
S&P 500 Cash Index Buy 1303
 or Best Price

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

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