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S&P 5850 has been the most important “line in the sand” for stocks since the pullback from the 6000 level in November 2024.  With the SPX closing below that 5850 level on Friday, we see further corrective pressures with the 200-day moving average as a reasonable downside target.  Today we’ll break down a series of projection techniques that have helped us hone in on this potential area of support.

The Break of 5850 Completes a Head and Shoulders Top

One of the most widely-followed patterns in technical analysis, the fabled head and shoulders topping pattern, is formed by a major high surrounded by lower highs on each side.  After the S&P 500 established a lower high in December, we immediately started looking for confirmation of this bearish pattern.

To confirm a head and shoulders top, and initiate downside targets on a chart, the price needs to break through the “neckline” formed by the swing lows between the head and two shoulders.  While price pattern purists may advocate for a downward-sloping trendline to capture the intraday lows of the neckline, I’ve been focused on the price level of SPX 5850.  

As long as the S&P remained above that level of support, then the market could still be considered in a healthy bullish phase.  But a close below the 5850 level on Friday tells me that this corrective move may just be getting started.  Let’s consider some ways to identify a potential downside objective, first using the pattern itself.

Calculating a Minimum Downside Objective

As delineated in Edwards and Magee’s classic book on price patterns, you can use the height of the head and shoulders pattern to identify an initial downside objective.  Basically, take the distance from the top of the head to the neckline, and then subtract that value from the neckline at the breaking point.

Based on my measurements on the S&P 500 chart, this process yields a downside target of right around 5600.  It’s worth noting that Edwards and Magee considered this a “minimum downside objective”, implying that there certainly could be further deterioration after that point has been reached.

Now let’s consider some other technical analysis tools that could help us to validate this potential downside target.

A Confluence of Support Confirms Our Measurement

If we create a Fibonacci framework using the August 2024 low and the December 2024 high, we can see a 38.2% retracement around 5725, which lines up fairly well with the swing low from late October.  Perhaps this could serve as a short-term support level during the next downward phase?

But as I review the chart, I’m struck by the fact that the 50% retracement lines up almost perfectly with our price pattern objective.  Many early technical analysts, including the infamous W.D. Gann, favored the 50% retracement level as the most meaningful to watch.

You may also notice that the 200-day moving average is gently sloping higher, rapidly approaching our “confluence of support” around 5600.  Given the agreement between multiple technical indicators on this price point, we consider it the most likely downside target given this week’s breakdown.

I would also point that while I feel that identifying price targets can be a helpful exercise, as it gives you a framework with which to evaluate further price action, the most important signals usually come from the price itself.  How the S&P 500 would move between current levels and 5600 may tell us a great deal about the likelihood of finding support versus a more bearish scenario in the coming weeks.

RR#6,

Dave

PS- Ready to upgrade your investment process?  Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

Disney, Fox and Warner Bros. Discovery have called off plans to launch their sports streaming service, Venu, the companies said in a joint statement Friday.

“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” they said in the statement. “In an ever-changing marketplace, we determined that it was best to meet the evolving demands of sports fans by focusing on existing products and distribution channels. We are proud of the work that has been done on Venu to date and grateful to the Venu staff, whom we will support through this transition period.”

Venu was first announced in February and intended to combine the live sports assets of Fox, WBD and Disney-owned ESPN. It was initially slated to launch before the start of the NFL season in September, but was delayed in part by a legal challenge from internet TV bundler Fubo, which claimed the platform would be anticompetitive.

Together Disney, Fox and WBD control more than 50% of all U.S. sports media rights, and at least 60% of all nationally broadcast U.S. sports rights, according to the judge on the antitrust case.

The news that it would not launch came as a shock to Venu employees, who found out late Thursday night, according to people familiar with the matter. They believed they had a pathway forward to launch the service after Disney agreed earlier this week to merge its Hulu+ Live TV with Fubo, settling all litigation over Venu.

But the judge’s response in Fubo’s lawsuit questioned the legality of cable bundling in general, prompting Disney to strike the deal with Fubo, through which Disney would take 70% control of the resulting company. And two days ago, satellite providers DirecTV and Dish sent letters to federal court arguing that the legal questions brought up by the judge remained unanswered.

Rather than risk an extended lawsuit that could jeopardize bundling in general — including Disney’s efforts to bundle its own streaming entities (ESPN, Hulu and Disney+) — the three companies decided to pull the plug on Venu, according to people familiar with the company’s decisions.

Warner Bros. Discovery’s business model relies heavily on negotiating bundled carriage agreements for its many cable networks, including CNN, TNT, HGTV and Food Network.

Disney is targeting a debut of ESPN “Flagship,” an all-inclusive ESPN streaming service, for August 2025. The still unnamed ESPN streaming service will including everything that airs on ESPN’s linear network, unlike ESPN+.

Disney’s deal with Fubo, along with the company’s recent carriage renewal with DirecTV, also gives the company new ways to package so-called skinny bundles — narrower selections of channels for less money. This was the idea behind Venu: selling a smaller number of linear channels for less money than traditional cable TV.

Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.

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The NHL hit the halfway point on Thursday night, though not every team has played 41 games. Here are the surprises, disappointments, award leaders and other categories from the first half of the 2024-25 season:

Best story: Columbus Blue Jackets. They’re sitting in an Eastern Conference wild-card spot, despite dealing with the offseason death of Johnny Gaudreau. Injured captain Boone Jenner hasn’t played this season. Defenseman Zach Werenski, Kirill Marchenko and newcomer Sean Monahan are helping carry the load. And when Monahan went on the injured list this week, the Blue Jackets crushed the Seattle Kraken 6-2 in their first game without him.

Most impressive story: Alex Ovechkin, Washington Capitals. After a so-so (for him) 31-goal season in 2023-24, he needed to total 42 goals between this season and next to break Wayne Gretzky’s career goal record. But he got off to a red-hot start with 15 goals in 18 games before breaking his leg and missing 16 games. He’s back and up to 19 goals now, putting him on pace to break the record this season.

Biggest surprise: Vegas Golden Knights. They appeared due for a dropoff after losing Jonathan Marchessault, Chandler Stephenson, Logan Thompson and others during the offseason. But they’re leading the league in points. Jack Eichel is on pace for his first 100-point season, which is a good sign for Team USA at the upcoming 4 Nations Face-Off.

Biggest disappointment (tie): New York Rangers, Nashville Predators. The Rangers have dropped from first overall in 2023-24 to 24th overall and went through a slump that led to trades of Jacob Trouba and Kaapo Kakko. The Predators added Steven Stamkos and fellow 40-goal scorer Marchessault in the offseason but have dropped from a 2023-24 playoff team to 30th overall.

MVP: Leon Draisaitl, Edmonton Oilers. He’s the first player to 30 goals this season and nine of those are game-winners, including four in overtime. He’s second in points (61), is tied for second in plus-minus (+24) and wins 56.6% of his faceoffs.

Goaltender: Connor Hellebuyck, Winnipeg Jets. The two-time (and reigning) Vezina Trophy winner has 25 wins in 33 starts, both league bests. He’s also tops in the league among No. 1 goalies in goals-against average and save percentage. Also a good sign for Team USA.

Defenseman: Zach Werenski, Columbus Blue Jackets. He’s tied for the goal lead among defensemen with 13, and his 48 points are one behind leader Cale Makar, who has played one more game. Werenski also leads in average ice time (26:30) and has had a five-point and a four-point game this season. Also a good sign for Team USA.

Rookie: Macklin Celebrini, San Jose Sharks. He had a goal and an assist in his debut, then missed the rest of October. Despite that, he’s just two points out of the rookie scoring lead while averaging nearly a point a game.

Coach: Spencer Carbery, Washington Capitals. The Capitals added a lot of players in the offseason and Carbery has them fitting together. That includes Pierre-Luc Dubois, who struggled last season in Los Angeles. The Capitals have the league’s second-best record and went 10-5-1 while Ovechkin was out. Washington, which had a minus-37 goal differential last season in Carbery’s first season, is at plus-41. Columbus coach Dean Evason also gets a nod.

Best goal, Nazem Kadri, Calgary Flames. He leaped a fallen Tampa Bay Lightning defender, kept his balance, spun and ripped a shot past Andrei Vasilevskiy.

Best save: Jacob Markstrom, New Jersey Devils. Markstrom robbed the Kraken twice in the same game.

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Aides for Tesla and Space X CEO Elon Musk and tech entrepreneur Vivek Ramaswamy are starting to interview staffers with the federal government for the newly created Department of Government Efficiency (DOGE), according to a new report. 

Representatives for DOGE have had conversations with staffers from more than a dozen federal agencies — including the Treasury Department and the Internal Revenue Service, as well as the Departments of Veterans Affairs, Homeland Security, and Health and Human Services, The Washington Post reported Friday. 

Musk and Ramaswamy are leading DOGE, a blue-ribbon committee separate from the federal government that seeks to address issues concerning government spending, waste, efficiency and operations. They are expected to suggest executive actions for the Trump administration and partner with the Office of Management and Budget (OMB) to initiate reforms. 

Altogether, the committee aims to cut $2 trillion from the federal government budget through efforts to slash spending, government programs and the federal workforce. 

However, Musk recently cast doubt on the likelihood of eliminating $2 trillion from the federal budget and said there was a better chance at cutting $1 trillion. 

‘I think we’ll try for $2 trillion. I think that’s like the best-case outcome,’ Musk said during tech trade show CES on Wednesday in Las Vegas, the Post reported. ‘But I do think that you kind of have to have some overage. I think if we try for $2 trillion, we’ve got a good shot at getting $1 [trillion].’

Lawmakers on Capitol Hill have voiced support for working with DOGE, and Reps. Aaron Bean, R-Fla., and Pete Sessions, R-Texas, announced the creation of the Delivering Outstanding Government Efficiency (DOGE) Caucus last year. 

‘Our national debt has surpassed a staggering $36 trillion and should be a wakeup call for all Americans,’ House DOGE Caucus Co-Chair Bean said in a statement in November. ‘We must take action to avoid diving headfirst off the cliff of fiscal ruin. I’m thrilled with President-elect Trump’s appointment of Elon Musk and Vivek Ramaswamy to lead DOGE, but taking on Crazy Town will be no easy task — they will need partners.’

Likewise, Sen. Joni Ernst, R-Iowa, is slated to oversee the Senate DOGE Caucus.

‘The tables are finally turning, the knives are out, and waste is on the chopping block,’ Ernst said in a November statement. 

Currently, DOGE boasts a staff of approximately 50 people who are working from SpaceX’s offices in Washington, D.C., and it is aiming to roughly double that number when President-elect Trump is sworn into office on Jan. 20, according to the Post. 

A representative for Ramaswamy declined to provide comment to Fox News Digital.

DOGE appears to be the source of inspiration for other similar initiatives at the state level. For example, Republican Gov. Kelly Ayotte of swing state New Hampshire on Thursday announced the creation of the Commission on Government Efficiency, known as COGE.

‘COGE will make us smarter than ever before when it comes to saving taxpayer dollars and finding better ways to serve the people of our state,’ Ayotte said in her inaugural address. 

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Tulsi Gabbard, who is President-elect Donald Trump’s choice to be Director of National Intelligence (DNI) in his next administration, has reversed course on a controversial item after lobbying from Republican senators. 

Gabbard revealed on Friday that she believes section 702 of the Foreign Intelligence Surveillance Act (FISA) ‘is crucial for gathering foreign intelligence on non-U.S. persons abroad.’

She previously opposed FISA section 702 re-authorization while serving as a Democrat in the House of Representatives. 

‘We have a very important responsibility to strike a balance between national security to keep the American people safe, while also protecting our constitutionally protected freedoms,’ she said on the House floor in 2018. ‘Let us make this critical choice. Vote to keep our country safe. Vote to uphold our constitutional rights that so many have fought and died to protect.’

In her statement, provided by a Trump transition spokesperson, Gabbard said, ‘This unique capability cannot be replicated and must be safeguarded to protect our nation while ensuring the civil liberties of Americans.’

‘My prior concerns about FISA were based on insufficient protections for civil liberties, particularly regarding the FBI’s misuse of warrantless search powers on American citizens. Significant FISA reforms have been enacted since my time in Congress to address these issues. If confirmed as DNI, I will uphold Americans’ Fourth Amendment rights while maintaining vital national security tools like Section 702 to ensure the safety and freedom of the American people,’ she said. 

The change in Gabbard’s beliefs on the key national security issue was first reported by Punchbowl News. 

It comes after multiple Republican senators made the case to her of the importance of FISA’s section 702. 

Sen. Tom Cotton, R-Ark., chair of the Senate Select Committee on Intelligence, told Fox News Digital in a statement: ‘Tulsi Gabbard has assured me in our conversations that she supports Section 702 as recently amended and that she will follow the law and support its reauthorization as DNI.’

One GOP aide shared that during his meeting with Gabbard, Sen. James Lankford, R-Okla., emphasized how important the authority granted by section 702 is, and how important her navigation of it would be. 

In a podcast appearance earlier this week, Lankford told the Wall Street Journal’s Kim Strassel that there were some issues ‘that people aren’t talking about’ as it relates to Trump’s picks. One of them, he said, was Gabbard and her stance on section 702. 

‘She has voted against what’s called 702 authority every time that she was in Congress and voted against it. Well, now she’s going to be the spokesman for 702 authority. It’s a legitimate question just to say, ‘Okay, how are you going to handle this?’’ he asked. 

Lankford suggested that this is something that matters to other Republican senators. ‘I don’t hear anyone really coming up publicly and saying, ‘I’m adamantly opposed” to Trump’s nominees, he explained. 

But, ‘What I hear is a lot of people saying, ‘Hey, I want to give a fair hearing. I want people to be able to answer questions publicly.’’ 

While most GOP senators are supportive of FISA, some have been vocal critics. ‘Voting to reauthorize FISA 702 without a warrant requirement is difficult to defend. So are those casting such votes—especially if they purport to care about the Fourth Amendment,’ Sen. Mike Lee, R-Utah, wrote on X ahead of the most recent FISA re-authorization. 

Another top critic, Sen. Rand Paul, R-Ky., said in 2023, ‘Using 702, Americans’ communications content and metadata is inevitably swept up and kept in government databases without a warrant. Law enforcement agencies then access Americans’ communications without a warrant.’ 

These Republicans may not be as happy about Gabbard’s change of heart. However, there isn’t any indication that it would harm their support for her as of yet. 

One Republican senate source cast doubt on Gabbard’s new stance, noting that she has been ‘a life-long skeptic of intelligence gathering.’ They suggested it is unlikely that she has ‘completely changed her mind.’ 

A GOP Senate source confirmed to Fox News Digital that conservative senators are encouraged by Senate Majority Leader John Thune, R-S.D., and his apparent desire to confirm Trump nominees on the day he is sworn into office. 

The group is eager to have all national security nominees confirmed on Trump’s first day, they added. 

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Democratic lawmakers were noticeably silent following the sentencing of President-elect Donald Trump despite previously commenting on the cases against him, as Washington prepares for a Republican trifecta in Congress.

Trump was sentenced on Friday after being found guilty on 34 charges related to falsifying business records in May.

The incoming president was sentenced to unconditional discharge, which means that he will not receive any jail time, fine or probation time. The sentence also preserves Trump’s ability to appeal the conviction. 

After Trump was found guilty in criminal court in May, Democratic members of Congress put out a flurry of reactions on social media but appeared mum after the sentencing on Friday, which comes just days before he will be sworn into office on Jan. 20. 

House Minority Leader Hakeem Jeffries, D-N.Y., in May, wrote in a post on X, fomerly Twitter, that ‘the jury has spoken and carefully rendered a decision. Responsible leadership requires the verdict to be respected,’ while Rep. Alexandria Ocasio-Cortez of New York said that ‘nobody is above the law.’

However, Democrats appeared less reactive to Friday’s sentencing, which left Trump free of any penalty.

One Democratic congresswoman put out a statement following the unconditional discharge sentence, claiming that ‘our system of justice is not just.’

‘There is a two-tiered system of justice in this country, and Donald Trump lives on the tier where he gets to walk into the White House without spending a single day in jail or being put on probation after being convicted of 34 felonies. On the other tier are the clients I represented as a public defender in Texas, like the seventeen-year-old boy who was held on felony probation for taking some candy from his school’s concession stand,’ Rep. Jasmine Crockett, D-Texas, said in a post on X. 

‘The scales are not equal,’ she added.

On the flip side, Republicans were very vocal following the sentencing. 

‘I have no respect for the process being used in New York. I find the judge and prosecutor’s motives to be dripping with politics,’ Sen. Lindsey Graham, R-S.C., said in a statement. ‘This is a sad day for America.’

Trump, ahead of the sentencing, said that he would appeal the decision.

Trump filed an emergency petition to the Supreme Court on Wednesday in an effort to prevent his Jan. 10 sentencing, but the high court ultimately denied his emergency petition to block his sentencing.

Fox News’ Brooke Singman contributed to this report.

This post appeared first on FOX NEWS

The composition of the top five sectors remains unchanged this week, despite an interrupted trading week. This stability comes against a backdrop of mixed signals and potential defensive rotation in the broader market. Let’s dive into the details and see how these sectors are holding up.

XLY, Consumer DiscretionaryXLC, Communication ServicesXLF, FinancialsXLK, Information TechnologyXLI, Industrials

Performance-wise, our equal-weight portfolio of these sectors is down 0.66% against SPY, which is down 0.44%. (Note: This analysis is based on data about an hour before market close on Friday, January 10th. Any significant shifts after this time will be addressed in a weekend update if necessary.)

Sector-by-Sector Analysis

Consumer Discretionary: Strong Despite Decline

Consumer Discretionary remains well above its breakout level, which took out the peak of 2021. As a result, the sector has some room to decline — say, back to the support area around 210 — without harming the uptrend.

This resilience keeps Consumer Discretionary in a very strong position despite the current price decline.

Communication Services: Promising but Precarious

The Communication Services sector is holding up from a relative perspective. While the relative strength line and RRG lines are still positive, the RS momentum line is stalling. This is causing the tail on the RRG to roll over, albeit still inside the leading quadrant.

The biggest concern for XLC comes from the price chart. After breaking out in November 2024, the sector is dropping back into the boundaries of its old rising channel.

In my experience, when price retreats into a rising channel after an upside breakout, it often tests the lower boundary.

For XLC, this could mean a drawback to around 90-92.5 — a support area marked by the rising support line of the old channel.

Financials: Breaking Down

XLF, after a few weeks of consolidation, now seems to be breaking a rising trend line.

It’s also close to taking out the previous low around 47.60. If we close below this level on the weekly chart, we’ll have a confirmed lower low and lower high in place for XLF — opening up the downside towards the first support level around 46.

Relative strength for XLF is dropping back below its previous resistance level, which should have acted as support but isn’t. This is causing the RRG lines to roll over, with XLF’s weekly tail close to crossing from leading into the weakening quadrant.

Technology: Stable but Facing Resistance

The technology sector has remained relatively stable, trading in a condensed area with high volatility over the last 2-3 months.

XLK hasn’t managed to break above the resistance just above 240, which is therefore becoming increasingly heavy. However, it’s still within its rising channel, with potential support of around 222.

XLK’s relative strength remains stable, slightly moving higher within its trading range, which is causing both RRG lines to move higher.

With RS ratio below 100 and RS momentum above 100, XLK’s tail is inside the improving quadrant with a positive heading — which continues to make it one of the better sectors.

Industrials: On the Edge

The industrial sector, still number 5 on our list, is testing the lower boundary of its rising channel. So far, it hasn’t broken down.

Relative strength is slowing down, continuing the trend from last week. The tail is still inside the weakening quadrant heading for lagging, but the price decline seems to be stalling at the current level.

Industrials is on the edge — a definitive break out of the rising channel would add to its weakness and lead to even weaker relative strength.

For now, though, it’s holding above support despite the loss of relative strength.

RRG Analysis: A Mixed Picture

It’s interesting to note that on the RRG for all sectors, our top five are located either in the leading quadrant (XLY, XLC, XLF), the weakening quadrant (XLI), or the improving quadrant (XLK).

All other sectors are inside the lagging quadrant, none with a positive heading.

This RRG isn’t the strongest I’ve ever seen, but it’s all a relative game — and that’s what this experiment is about.

We’re trying to beat the S&P 500, so we need to be in the sectors furthest to the right, preferably with a strong heading.

Daily RRG: Signs of Defensive Rotation

When we look at the daily RRG, the picture shifts.

While XLC, XLK, and XLY are still furthest to the right (albeit without the strongest headings), XLI and XLF are inside the improving quadrant, rapidly heading towards leading.

A quick analysis of other sectors shows Utilities (XLU), Health Care (XLV), and Energy (XLE) rapidly approaching the leading quadrant — indicating a more defensive rotation in the near term.

What’s Next?

The daily RRG’s defensive rotation is translating into a weaker chart for SPY. I’ll be creating a separate article focusing more on the development in the S&P 500 to keep it distinct from this “Best 5 Sectors” series. Be on the lookout for that additional analysis shortly.

#StayAlert and have a great weekend. –Julius

MIAMI GARDENS, Fla. — The hype that traveled with James Franklin to Penn State when he was hired a decade ago could be described in four words: He won at Vanderbilt.

That raised expectations around the Nittany Lions to meteoric heights, seemingly placing the program on a collision course for Big Ten and national championships. The Nittany Lions have won a single conference crown; the national championship continues to prove elusive.

Missed chances, missed opportunities, misfires in top-five matchups — deservedly or not, that’s been the Nittany Lions’ defining trait under Franklin. That makes losing 27-24 to Notre Dame in the College Football Playoff semifinals at the Orange Bowl feel painfully familiar: Penn State is close, but the program’s glass ceiling remains unbroken.

“Everything we did together,” said junior linebacker Kobe King. “All the success, we had together. All the failures, we learn from. But it’s heartbreaking. It’s definitely something for the guys to look forward to next year, and some guys to put on their shoulders as a chip to learn from and to overcome.”

This loss breathes more life into the image of the Nittany Lions as their own worst enemy.

Penn State led 10-0 late in the second quarter and had a chance to keep Notre Dame off the board. But the defense failed to fall on a fumble, allowing the Irish to get on the board with a field goal. After dominating the first half, the running game essentially disappeared in the second. The Nittany Lions led 24-17 with just under eight minutes to play but allowed the Irish to tie the game on a breakdown in the secondary.

But no play will define the loss — and the team’s entire season — more than a crucial, game-breaking interception from quarterback Drew Allar with 33 seconds remaining.

“We just know we’ve got his back,” said All-America tight end Tyler Warren. “He knows that, too. That’s how we go about it, man.”

There’s no way to second-guess the decision to push the tempo in an effort to win the game in regulation, especially as overtime games have become an even bigger crapshoot with the rule change that forces each team to alternate two-point conversions beginning in the third extra frame.

“We’ve embraced playing to win,” said offensive coordinator Andy Kotelnicki. “We get a good run to start that drive and hurry up and go tempo and end up turning it over, which ended up being costly. That’s what you’ve got to do. You play to win.”

But after running back Nick Singleton’s 13-yard run moved Penn State to the 28-yard line, Allar dropped back to pass and rolled to his left to buy time. He then committed one of the cardinal sins of quarterbacking: He threw across his body, aimed toward junior wide receiver Omari Evans. The attempt was intercepted by Notre Dame defensive back Christian Gray.

Allar could’ve thrown the ball into the first row, or even continued to scramble his way across the sideline. Either decision might have cost Penn State momentum. At worst, though, the safer play would have left the Nittany Lions in position to force overtime.

“I was going through my progressions,” Allar said. “Got to the backside and honestly, I was just trying to go to Omari’s feet. I should have just thrown it away when I thought the first two progressions aren’t open just because of the situation we were in.”

After three offensive snaps moved the Irish to the 25-yard line, quarterback Riley Leonard moved the ball toward the right hashmark to set up kicker Mitch Jeter’s 41-yard field goal with 10 seconds to play.

“He’s hurting right now, right? He should be hurting. We’re all hurting,” Franklin said of Allar. “This ain’t easy, to get in here after a game and have a conversation after you’ve just poured your guts out on the field. He’ll handle it great.

“He’ll be hurting tonight and tomorrow. He’ll hurt a little bit less the next day and so on and so forth. But he’s a committed guy who’s going to do it the right way. He’ll learn from this and be better for it, and so will we.”

Said Kotelnicki, “That’s tough, right? Because he’s going to put that on himself, and he shouldn’t have to.

“I simply say to him, ‘It ain’t you. It’s not on you to take that on your shoulders and feel that blame for that.’ Because we will win and we will lose as a group, as a football team. It’s never one play. Everyone is going to point the finger at that one. But I say, ‘I love you.’ Because I do.”

After taking a step forward in the regular season as a second-year starter, Allar struggled during the playoff, taking a back seat to the Nittany Lions’ running game in wins against Indiana and Boise State and again against the Irish.

He went 13 of 22 for 127 yards against the Hoosiers, tying his season low with 5.8 yards per attempt, and then completed 13 of 25 throws for 171 yards against the Broncos, though he did have three touchdowns without an interception. Allar was 12 of 23 for 135 yards against the Irish and was very ineffective downfield, completing just six of the 14 attempts that traveled more than five yards beyond the line of scrimmage.

Overall, the Nittany Lions failed to complete a single pass to their wide receivers.

“We tried a couple early on in the game but weren’t able to convert them,” Franklin said. “Yeah, that’s a storyline of the game. That’s one of the storylines, I don’t think there’s any doubt about it. We had some throws and some contested balls that we didn’t come down with.”

The interception threatens to define Allar’s college career — it’s a moment that will linger in program history for the wrong reasons, and only grow painfully in magnitude should the Irish beat Ohio State or Texas in the championship game.

He’s already committed to coming back in 2025, saying in a social-media post last month that “there’s still more work to do, which is why I look forward to making more memories with my teammates this year and beyond.”

First, Allar will have to move past this moment. How he does so, or whether he does so at all, will play a huge role in deciding whether Penn State is poised to finally break through in 2025.

“Drew is a passionate guy,” Franklin said. “He invests so much into his development and also to his teammates, to Penn State. He’ll handle this like he handles everything else, with a first-class approach and with an investment level that’s as good as anybody in the country. His growth from a year-one starter to a year-two starter was significant. He has a chance to take another step next year.”

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Lionel Messi and Inter Miami will play exhibitions in Peru, Panama and Honduras next month, rounding out a five-match preseason tour that begins in Las Vegas and ends in Tampa, Florida ahead of the 2025 MLS season.

Inter Miami’s ‘The Americans Preseason Tour’ begins in Las Vegas when Inter Miami plays Mexican champions Club America at Allegiant Stadium on Jan. 18.

Inter Miami will face Peruvian side Club Universitario de Deportes, the country’s first division back-to-back champions, at Estadio Monumental in Lima, Peru on Jan. 29.

Four days later, Inter Miami will face Sporting San Miguelito at Estadio Rommel Fernández Gutiérrez in Panama City, Panama on Feb. 2.

MESSI SCHEDULE: Where will Messi play in 2025?

Inter Miami will face Honduran giants Club Deportivo Olimpia at the Estadio Olimpico Metropolitano in San Pedro Sula, Honduras on Feb. 8

And the preseason comes to an end when Inter Miami faces its in-state MLS rival Orlando City at Raymond James Stadium in Tampa, Florida on Feb. 14.

The five-match preseason lasting a month is a lighter load than Inter Miami’s worldwide preseason tour last year, when the club played six games in El Salvador, Dallas, Saudi Arabia, Hong Kong and Tokyo in a span of three weeks.

Still, Inter Miami’s 2025 tour will see Messi draw fans in North, Central and South America, continuing to promote the MLS club to an international audience while preparing for an action-packed season.

Messi and Inter Miami will play in the Champions Cup, the Club World Cup, and the Leagues Cup tournaments in 2025, while defending their Supporters’ Shield title and contending for another postseason berth in the MLS Cup playoffs next year.

‘We’re very excited to unveil the five matches against domestic and international opponents across the Americas that will prepare us for a highly anticipated 2025,’ Inter Miami’s president of football operations Raúl Sanllehí said in a statement.

‘These fixtures will put us in the best possible position ahead of an unparalleled campaign with various competitions we’re playing for this year – the FIFA Club World Cup, Concacaf Champions Cup, Leagues Cup and MLS.’

Messi won MLS MVP in 2024, helping Inter Miami win the regular-season title and set the MLS single-season points record (74) before the club’s first-round playoff exit to Atlanta United.

The club will also have a new coach in 2025, after Messi’s longtime teammate Javier Mascherano was hired to replace Tata Martino, who resigned following last season.

Inter Miami will begin the first round of the Concacaf Champions Cup with the first of two games against Sporting Kansas City at Children’s Mercy Park on Feb. 18 at 8 p.m. ET.

Inter Miami will host New York City FC on Feb. 22 in their MLS season opener, then host Sporting KC in the second leg of their first-round Champions Cup matchup on Feb. 25. Both matches will be played at Chase Stadium in Fort Lauderdale, Florida.

Messi, Inter Miami upcoming schedule

Jan. 18: Inter Miami vs. Club América, Allegiant Stadium in Las Vegas, 10 p.m. ET (preseason)
Jan. 29: Club Universitario de Deportes vs. Inter Miami, Estadio Monumental in Lima Peru, 8 p.m. ET
Feb. 2: Sporting San Miguelito vs. Inter Miami, Estadio Rommel Fernández Gutiérrez in Panama City, 5 p.m. ET
Feb. 8: Club Deportivo Olimpia vs. Inter Miami, Estadio Olimpico Metropolitano in San Pedro Sula, Honduras, 8 p.m. ET (preseason)
Feb. 14: Inter Miami vs. Orlando City, Raymond James Stadium in Tampa, 7:30 p.m. (preseason)
Feb. 18: Sporting Kansas City vs. Inter Miami, Children’s Mercy Park in Kansas City, 8 p.m. ET (Concacaf Champions Cup)
Feb. 22: Inter Miami vs. New York City FC, Chase Stadium in Fort Lauderdale, Fla., 2:30 p.m. (MLS regular season opener)
Feb. 25: Inter Miami vs. Sporting Kansas City, Chase Stadium, 8 p.m. ET (Concacaf Champions Cup)

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MIAMI GARDENS, Fla. — Notre Dame took advantage of a crucial Penn State turnover with under a minute left and made the game-winning field goal with seven seconds remaining to pull out a 27-24 win in the Orange Bowl and earn a spot in the College Football Playoff championship game.

Penn State quarterback Drew Allar was intercepted in Penn State territory with 33 seconds to play, leading to a 41-yard field goal by Notre Dame kicker Mitch Jeter. The Fighting Irish will meet the Cotton Bowl winner between Texas and Ohio State on Monday, Jan. 20, at Mercedes-Benz Stadium in Atlanta.

Down 10-0 with two minutes left in the second quarter and 24-17 with just under eight minutes to play, Notre Dame answered with a surprisingly explosive passing game, including a game-changing touchdown pass of 54 yards to wide receiver Jaden Greathouse to even the game at 24-24 with 4:38 remaining.

A game of runs — Penn State scored the first 10 points and Notre Dame the next 17 points — came down to which quarterback made the critical mistake. That was Allar, who had turned his game around in the fourth quarter but made a costly decision on a rollout on the Nittany Lions’ penultimate possession.

The Nittany Lions were held to 63 rushing yards in the second half after going for 141 yards in the first half, which more than the Irish had allowed combined in playoff wins against Indiana and Georgia.

Notre Dame quarterback Riley Leonard went 15 of 23 for 223 yards with a touchdown and two interceptions, with another 35 yards on the ground. The senior briefly left the game after being driven to the ground by two Penn State defenders on Notre Dame’s final possession of the first half. He was replaced by backup Steve Angeli but returned to the start the third quarter.

Robbed off his normal explosiveness due to a knee injury, running back Jeremiyah Love still managed a team-high 45 yards. Aneyas Williams had 83 yards of total offense. Greathouse led all players with 105 receiving yards.

Penn State’s Nick Singleton and Kaytron Allen combined for 166 yards on 34 carries, with Singleton accounting for all three of the team’s touchdowns.

All-America tight end Ty Warren had 75 receiving yards and 21 yards on the ground for the Nittany Lions. Allar started slowly and finished with 135 passing yards and the one costly turnover.

After the first scoreless first quarter in the Orange Bowl since Louisville and Wake Forest in 2007, the Nittany Lions got on the board with a short field goal to open the second quarter. Later, Penn State went 90 yards in 15 plays across more than seven minutes, capped by a Singleton touchdown run, to take a 10-0 lead with 2:18 remaining in the quarter.

Angeli took over for Leonard near midfield and drove the Irish in range for a 41-yard field goal by kicker Mitch Jeter as time expired to make it 10-3 at the break.

With Leonard back under center, Notre Dame’s offense responded with a 75-yard touchdown drive to open the second half keyed by a 36-yard completion to Williams. The Irish had three completions of 30 or more yards after having just nine on the season heading into Thursday night.

Notre Dame went ahead 17-10 on a Love touchdown run from two yards out less than a minute into the fourth quarter. Hit behind the line of scrimmage, Love wriggled away from multiple tacklers and dragged another Penn State defender into the end zone.

Penn State tied the score on the ensuing possession, retaking momentum with a 75-yard drive lasting 3:45 and ending with a 7-yard touchdown by Singleton. Allar completed all three of his attempts and 57 yards of total offense on the scoring drive.

Leonard’s interception on the first play of the next drive put Penn State in position to retake the lead on another Singleton score with 7:55 to play. The drive included a key pass-interference penalty on Notre Dame that negated an Allar interception.

Again, Notre Dame had the answer. Greathouse broken open on the right sideline when Penn State defensive back slipped in coverage. Greathouse made one potential tackler miss on his way to the end zone.

After tackling Allar short of a first down on a third-down scramble, Notre Dame took over at its 24-yard line with 2:34 to play. Boosted by a 15-yard hands-to-the-face penalty against Nittany Lions defensive lineman Zane Durant, the Irish were able to inch toward makeable field-goal range but were stopped on a Penn State sack with under a minute to go.

The Nittany Lions regained possession at the 15-yard line with 47 seconds to play. But Allar made the game’s biggest mistake: On second down on the 28-yard line, Allar rolled to his left, threw across his body and was intercepted by Christian Gray at the 42-yard line with 33 seconds left.

Leonard found Greathouse again to convert on third down and push the Irish down to the 25-yard line. Leonard then kneeled twice to get the Irish into the middle of the field and set up Jeter’s game-winning field goal.

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