I was unable to find an operators manual for this unit so could you explain what the "red light" is?

I am assuming that it is the oven preheat/ready light.
But do not know if it comes on or turns off when the oven is ready.

If it shuts off when the oven is ready then you may have an oven sensor problem re: the oven thinks that it is already at the correct temperature and therefore does not turn on.
If this is the case I would check the sensor.
Below is a link with info on this.
Take a look at 7, 8, 20 and 21.
http://www.applianceaid.com/ele...-range-repair-topics.php

I agree with you that it is probably not an element problem.
The likelihood of both elements blowing out at the same time is very, very remote.
I am assuming that the broil element does not work in broil mode.

I took a look at the Sears parts site as they have actual part breakdown diagrams but they are poor for this unit so was not able to find if the below applies.
Some units have a thermal cutoff attached to the back outside of the oven compartment. This cutoff opens if there is a temperature overshoot.
To confirm that this is not in this unit you will have to unplug the unit and trace the wires for the elements. back to the control board. The cutoff would be in the common line/wire that connects to the line and both elements.