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To: Les H who wrote (28355)	12/22/2023 10:36:47 AM
From: Les H	1 Recommendation Recommended By Lee Lichterman III Respond to of 29599

Should Santa Claus fail to deliver during the end of year rally period, equity market performance tends to be weak through the start of the new year. Stocks snapped back from Wednesday’s abrupt selloff as a renewed push lower in the US Dollar provided the normal juice to prices heading into and through the Santa Claus rally period. The S&P 500 Index closed with a gain of just over one percent, trading within the range of the prior session’s sharp downside candlestick. The reprieve, unfortunately, does not eliminate the threat of a short-term pullback that Wednesday’s price action suggested, although the benchmark will have a very difficult time recording losses during the heart of the Santa Claus rally timeframe that surrounds the end of year holidays. Support beneath the market remains plentiful, including broken resistance at 4600 and major moving averages, providing many points of reference to shoot off of should the strength in the market collapse. We are still well off from seeing an intermediate-term sell signal that we may act on as part of our process and, good or bad, we will not be seeking to change our allocation to stocks and bonds within our portfolio until at least the start of the new year. Momentum indicators on the daily chart are each holding above their middle lines and moving averages are all pointed higher, both characteristics of a bullish trend. equityclock.com Still well above the 20-day moving average.