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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is supplied for educational purposes only and should not be taken as
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S&P 500 Cash Index - The
Week Ahead
The
Week That Was...
Last week the plan was to remain medium
term bullish with a
possible gap up on
Monday. The market hit our short term target at 1319 first and then
fell back to 1310 before testing the 'crucial' support level at 1303-5
by printing the low for the week at 1305.26
"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."
Holding 1303-5 confirmed my medium term bullish bias, and set up the
run to the upper target zone at 1330-3
"The ideal target that
would clear things up a
bit would be 1330-3"
The
Week Ahead...
Medium term bullish bias remains and from here, it looks like it will
do for at least a few weeks more. But bulls still need a short term low, a decline to work off a bit of steam, however short lived. The problem
is, where do you short from?
Last week closed right in the 1330-3 target zone so I want to be short
from around here somewhere to 1320, 1312 or 1305 before another long
trade kicks in.
|
| Pivots |
Monday |
Weekly |
Monthly |
| R3 |
1350.97
|
1390.97 |
1468.84 |
| R2 |
1342.01 |
1357.76 |
1385.61 |
| R1 |
1337.21 |
1345.09 |
1355.72 |
| Pivot |
1333.05 |
1325.17 |
1302.38 |
| S1 |
1328.25 |
1312.50 |
1272.49 |
| S2 |
1324.09 |
1292.58 |
1219.15 |
| S3 |
1315.13 |
1259.99 |
1135.92 |
| Current |
Week |
Month
 |
Year
|
| Open |
0 |
1329.48 |
1257.64 |
| High |
0 |
1337.85 |
1344.07 |
| Low |
0 |
1328.89 |
1249.05 |
| Range |
0 |
8.96
|
95.02 |
| Previous |
Day
|
Week
|
Month
|
Year
|
| Open |
1329.48
|
1315.45 |
1328.64 |
1116.56 |
| High |
1337.85 |
1337.85 |
1332.28 |
1219.8 |
| Low |
1328.89 |
1305.26 |
1249.05 |
1011.40 |
| Close |
1332.41 |
1332.41 |
1325.82 |
1258.84 |
| Range |
8.96 |
32.59
|
83.23
|
208.4 |
Key
Support and Resistance Levels
|
1381 |
|
1370 |
|
1360 |
|
1353 |
|
1344 |
| High? |
1340 |
|
1334 |
| Current |
1332
|
|
1326 |
|
1322
|
|
1312
|
| 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 I planned for 1310 then 1319, unfortunately it printed 1319
before going to 1305 and resulted in a -3 for the Day Trade set up. The
swing trade banked 17 points and gave us +14 for the week.
This week I have two weekly trade set ups again. Lets see if the market
plays the game.
******
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
Week 1
| Market |
Trade |
Open |
Target |
| S&P
500 Cash Index |
Buy |
1310 |
1344 |
Kennys Stock Market Trade for the
Week 2
| Market |
Trade |
Open |
Target |
| S&P
500 Cash Index |
sell |
1334 |
1312 |
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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