Hey, Extra Guac-ers 🥑 Inflation numbers send the market soaring but traders are betting the top is coming in soon. Here is what you need to know!

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🍦 Weekly Stock Scoop

1. Options Market Stir: There's a buzz in the U.S. equity options market with a surge in bets on the Cboe Volatility Index. Traders scooped up around 100,000 January call options, eyeing a potential spike in market volatility. These moves raise eyebrows but don't necessarily signal a market crash on the horizon.

2. Volkswagen's Sales Boost: Volkswagen reported a 10.7% increase in group deliveries in October, driven by solid demand in North America and Europe. Sales in North America saw a significant jump, while Western Europe and Central and Eastern Europe also showed notable growth.

3. Alibaba's Market Value Takes a Hit: Alibaba Group saw a $20 billion drop in market value after reversing plans to spin off its cloud business. This decision was influenced by U.S. export curbs on chips used in artificial intelligence applications, leading to a 10% drop in its Hong Kong shares - the largest in over a year.

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📅Weekly Recap: Another intense week for stocks after CPI came in lower than expectations. The stock market will have difficulty pumping the breaks if inflation and interest rates remain low. Here is our gameplan below 👇

📉Short-Term Levels:

• 425-450- Weekly candle fair value gap area; this is extremely important to watch for the next coming months. Any weakness in the market could push us down fast a good portion of this range

• 458 - High of the year

• 467.3 - All-time highs

Both of these levels higher are important to watch and could trigger big selling. These are where many traders are trapped from the past and can provide the big bank’s liquidity to exit their bullish positions.

Top Chart of the Week | USO 🛢️

 $USO just ran into a massive level of support, created a new low, and failed. This action is called a false break, which can make a mighty reversal move! We are looking for a bounce over the next 2 weeks into the 76 or 80 level (where we see a gap).