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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How the Right Clothes Can Make the Man

Ask any fashionista if clothes are an important part of our identity and they will probably talk about how vital style is to their success. To break it down a little further and step away from high fashion and instead focus on the man in the street, how important are his clothing choices? Was Mark Twain right in saying “the clothes make the man” and has this adage been taken too literally of late? Everything that we do has a cause and effect impact on the world, so in that aspect our clothes will to some degree have an effect on how we are treated by others, but in what way?A simple example can be found at a high-end Michelin-starred restaurant. Unless your face is immediately recognisable as being wealthy and successful, it will often be your clothes that the host or waiter makes their decisions on and, if you’re not wearing the right clothes to a restaurant or nightclub, then the chances are you won’t get in. Call it ‘power dressing’ or dressing to impress, but the fact is that a man’s clothes determine how society sees him, this is something that women probably got to grips with a lot earlier than most men too.We’ve all heard the expression ‘first impressions count’, and it is absolutely true; as the average stranger takes no more than 30 seconds to assess another stranger on first meeting them, and this impression can then take up to five years to erase. You can forget the other saying ‘you can’t judge a book by its cover’, as anyone in publishing will tell you that it’s the covers that make the books stand out on the shelf.Obviously Hollywood has taken this idea a little too far, with movies like Jackie Chan’s ‘The Tuxedo’, where a down-and-out cab driver’s life is turned around thanks to the discovery of a technologically advanced tuxedo, and obviously James Bond has been known to pick particular threads too. To find serious real-world examples, you don’t have to look far. Politics is full of power dressing, where subtle messages are portrayed in candidate’s clothing choice, like Gordon Brown’s persistent red tie, or George W Bush’s choice of slightly oversized suit jackets to larger his appearance. In the first Kennedy-Nixon presidential race, radio listeners favoured Nixon thanks to his authoritative voice, while TV watchers favoured Kennedy as he looked fresh-faced compared to Nixon’s tired and unconsidered choice of mens clothes.To really understand how clothes can make a man’s appearance though, you can think back to childhood fairytales like ‘The Emperor’s New Clothes’ or try a simple test. Picture in your head the manager of a petrol station, and then picture the manager of a successful advertising agency. The two managers might be in charge of the same number of people and earn the same salary, but they will probably be dressed pretty differently.