Hello,
Welcome to
Stock
Market Trading
the new look newsletter for
2011 from Traders
Day
Trading & Kenny's
Elliott Waves Blog.
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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
 |
Month
|
Year
 |
| 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
|
Week
|
Month
|
Year
|
| 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
|
1381 |
|
1370 |
|
1360 |
|
1353 |
|
1344 |
| High? |
1334 |
|
1326 |
|
1322
|
| Current |
1313.8
|
| Low? |
1310 |
|
1305 |
|
1303
|
|
1298 |
| MT
Pivot |
1293 |
|
1288 |
|
1273 |
|
1268 |
|
1257 |
|
1249
|
|
1225 |
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 |
Thank you for subscribing to Stock
Market Trading, please do us a big favor an send it to a
friend who may find it useful.
Kenny
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