A short term pull back or correction is likely to occur based on the options that are about to be exercised.

Highest call volume literally hit 42069.

Thanks for calling the top. Highest call volume literally hit 42069. Must be a huge crisis in this pivot.
byu/AdvancedLong inwallstreetbets

46% of S&P 500 components have an RSI that exceeds 70, the highest level since 1991 according to data compiled by Goldman Sachs

That's just a bit stretched. 🤏 pic.twitter.com/bwR3HEAbbZ

— Markets & Mayhem (@Mayhem4Markets) December 17, 2023

Compared to the last Fed pause:

2019: The Fed paused, cut rates .75% (3 cuts), ended QT, and restarted QE.

Total gain +35%.

Now, the Fed has paused. No rate cut yet, and still 2x QT.

Total gain +33% AND far more overbought (top pane).

Bulls, don't fear 3rd grade logic. pic.twitter.com/bRJAngRSH8

— Mac10 (@SuburbanDrone) December 17, 2023

Ultra low volume on continued rallying…this won't end well… pic.twitter.com/cVF7JBWPZ3

— Geeks of Finance (@GeekStrategy) December 18, 2023

h/t AdvancedLong