This jelly type in Technique 48 is the layer style blowout. It’s amazing that almost all the effects that change the type from flat black to the appearance of three-dimensional jelly are created using layer styles.
I started with black type set in Brush455 BT and jumped right into the Layer Styles dialog box and added a bright red Color Overlay. Next, I added Drop and Inner Shadows, which started to pull the type up off the page.
Then, I added Outer and Inner Glows to add more saturation to the type and shadows. Next, the Bevel & Emboss layer style gave the type a puffy molded quality, and the Satin effect added a mottled color.
Finally, I really got the jelly type bouncing off the page when I added a new layer with gray type shaped just like the original type, applied the Chrome filter, and set the blending mode to Soft Light.