Scott Fullman’s “Technically Speaking” Diary for December 14, 2024

Good morning! Just a quick question, taking a look at a technical analysis point of view, do you suspect that the markets will have a nice pop going into Jan?

I am anticipating a bounce into the first two weeks of January. What I am not sure is if I would put a lot of credibility into the sustainability of such a move. Right now I am concerned that many of the benchmarks are breaking some important technical levels. The S&P 500 Index (SPX) is breaking its 50-day moving average and the Dow Jones Industrial Average (DJIA) is breaking its 200-day moving average. Another concern is that the decline is being led by the sectors that lifted the markets over the past few weeks. As I noted in my weekly report, there is a real lack of good leadership.

Scott - any interest in beaten down steakhouse RUTH or a quick-service player like LUB or DENN (a former newsletter recommendation)? Thanks for your great work in the sector - I look forward to every newsletter issue.