So far… no follow thru on this dip and we held the day bearish reversal so far.
This opens a new scenario short term.
Be aware yesterday’s dip opened up some cheap inventory for short term players right before the PCE which is on Friday. This appears to be a stop run to gobble up cheap calls (or buying options in hopes market goes up for PCE event on Friday).
I believe our target Turning Point still stands would be January… there is suspicion on this quick down move they will use PCE to ram it up for our January high and panic down into January — which would be a panic cycle on the month.
This will be similar effect as we noticed yesterday Wednesday December 20, 2023 — a classic panic cycle on the day. A new high then crush to a new low.
Quick Plays for Final Run Up:
AMZN – Out of the money Call spreads in Amazon target 165 (for a quick buck) expiring on Feb 16th.
GIS – Long at 64 for seasonal run up into January
