S&P 500 Rallies As U.S. Dollar Pulls Back Towards Weekly Lows

Key Insights
The strong pullback in the U.S. dollar provided significant support to stocks.
Treasury yields have pulled back after touching new highs, which served as an additional positive catalyst for S&P 500.
A move above 3730 will push S&P 500 towards the resistance level at 3760.
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Pfizer Rallies After Announcing A Huge Price Hike For Its COVID-19 Vaccines
S&P 500 is currently trying to settle above 3730 as traders’ appetite for risk is growing. The U.S. dollar has recently gained strong downside momentum as the BoJ intervened to stop the rally in USD/JPY. Weaker U.S. dollar is bullish for stocks as it increases profits of multinational companies and makes U.S. equities cheaper for foreign investors.

The leading oil services company Schlumberger is up by 9% after beating analyst estimates on both earnings and revenue. Schlumberger’s peers Baker Hughes and Halliburton have also enjoyed strong support today.

Vaccine makers Pfizer and Moderna gained strong upside momentum after Pfizer announced that it will raise the price of its coronavirus vaccine to $110 – $130 per shot.

Biggest losers today include Verizon and Twitter. Verizon is down by 5% despite beating analyst estimates on both earnings and revenue. Subscriber numbers missed estimates, and traders pushed the stock to multi-year lows.

Twitter stock moved towards the $50 level as the U.S. may conduct a security review of Musk’s purchase of the company.

From a big picture point of view, today’s rebound is broad, and most market segments are moving higher. Treasury yields have started to move lower after testing new highs, providing additional support to S&P 500. It looks that some traders are ready to bet that Fed will be less hawkish than previously expected.

S&P 500 Tests Resistance At 3730

S&P 500 has recently managed to get above the 20 EMA and is trying to settle above the resistance at 3730. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If S&P 500 manages to settle above 3730, it will head towards the next resistance level at 3760. A successful test of this level will push S&P 500 towards the next resistance at October highs at 3805. The 50 EMA is located in the nearby, so S&P 500 will likely face strong resistance above the 3800 level.

On the support side, the previous resistance at 3700 will likely serve as the first support level for S&P 500. In case S&P 500 declines below this level, it will move towards the next support level at 3675. A move below 3675 will push S&P 500 towards the support at 3640.

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Sharing The Good News

Have you ever felt like you just had to share your latest good news with anyone and everyone around you, but they literally had no interest whatsoever in what you had to say? Although intended for the best, sometimes sharing the good news is not always a positive outcome.After all, people know you remember things.And every time they see you coming with that “have I got a deal for you” look of wide eyed innocence about you… they also know to be very aware with the question in their minds… what is he going to try and sell on now!?More often than not it seems as if you’re the only one oblivious to their burn out of your good news tactics and gracious offers for them to improve their lives and make more money and retire to the Florida Keys sooner than later while improving their health and well being with your new vita-pill-drink!.Both they and you know that you’re really not a bad person. The fact of the matter is that you just want to see everyone as healthy and happy as your latest new venture is promising to make the both of you. You’re just sharing the good news. I mean, after all, you could see and realize the benefits of this amazing product and were immediately sold on it… so everyone you know should jump on this opportunity as sure and as fast as you did, right!You don’t need that kind of pressure. Time to get this monkey off you back!So, as a new business person, you have to write these folks off your list and warm and friendly contacts (because the industry of network marketing labels them that way) and you end up losing your rank and status in the arena of family and friends because that same win at all costs industry says if they cannot or will not support you in whatever your dreams are, then you didn’t need them anyway.So, does that mean the pressure is now off and you as a big shot entrepreneur are free and able to tackle anyone you come in contact with using your new found attitude as fair game for your business? I would certainly hope not. That is a pure case of not sharing the good news!What you really need to remember at this point in your little business rant to save the world is… “don’t try to share your seemingly good fortune” with everyone or everything that moves!Keep in mind that some people will be wide open to change and new ideas, having been prepared by the your giving spirit from times past.But, there are those that you have engaged just as soberly before that may not be so open to yet another invitation to be set free from your definition of their less than stellar lives.When you come across those that are not, relax, don’t push them. When it comes to sharing the good news, you need to realize that it’s just not their time.If and when you sense a resistance or an uncomfortable response, just tactfully, professionally and lovingly change the subject.Demonstrate true sensitivity and concern for this person and be mindful that their time will come..it may be next week, next month or perhaps even tomorrow..or even more so, never. You just need to stay close to your moral and ethical business conventions. There’s a time and a place for everything and everyone.Having said that, I have to also state that I am not putting down or am opposed to the great many men and women who make their livelihoods persuading and selling to the masses in our society. Some of these great selling giants do come with even greater values in sharing the good news.Giving in is not necessarily always a matter of giving up.Sometimes you have to give yourself permissions to leave, to walk away, to not challenge certain conventions. And in doing so, you will gain a healthy respect for the individual as you are encouraged to listen to your inner-self and be a guiding force rather than just another selling force for something that many may not be in the market to buy.A Friend in Business… and Life… Always,-Lon-