What if the S&P 500 takes a turn south in the next few days. If so, it will have retraced right into a Fibonacci retracement zone (grey rectangle), a prime area for a Wave 2 of 3 to end and reverse into a new downtrend. The breath and scope of that reversal will define the potential for hard down into the first quarter of 2024.
S&P 500 - Daily "What-If" Model
Thats 1200 SPX points, about 120 SPY points in what should be 120 days, or less. We are already lining up SPY puts to maximize returns, 10X-12X-15X are all on the table. Best part is, you don't have to do anything, risk a cent, if hard-down never occurs. In fact, not too far above current prices is an "all clear" level where the entire bearish premise falls apart. Don't expect it, but it does limit risk if hard down is triggered.
SPX 120 - Zoom in
Turn down now makes all three of these charts bearish short-intermediate-long term
120 Points Down in 120 Days = SPY 330 @ March 2024 Expiration