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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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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%

US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent

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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.

Source: Comex

Nasdaq Top Gainers and Losers

Source: Nasdaq

Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.

Golf Clothing – How to Look Your Best on the Course

Gone are the days of goofy golf pants and socks. No more knickers with plaid socks. With more and more younger players on the course, in this day and age, what matters most is having great style on the golf course.New designers are racing to attract the young golfers to their brands with argyle sweaters, pastel polos, stylish plaid pants, and updated hats. While most young golfers seem to not pay attention and go out on the course with jeans and t-shirts, following these simple rules will keep you looking your best on the course.Here are a few of the designers at the forefront of the new designs:J. Lindeberg – From mild to wild, J. Lindeberg has a great selection
Travis Mathew
Sligo – An extremely popular manufacturer that has a huge selection of great designs.
Quagmire – Carries a good selection of unique designs
Hollas – A Canadian manufacturer, Hollas has a nice mix of mild shirts.
Puma – Puma is coming out with a lot of new, trendy shirts. They have a good selection of the mild to wild.
Ian Poulter – You really have to be comfortable with yourself here. Ian Poulter clothing is known for pastel colors and variation of pink.
Lacoste – One of your less risky choices. They have a good mix of striped and plain shirts
Pahr Fairway Essentials – Definitely for the fashion conscious. Has a good mix of plain and stylish shirts
Original Penguin – Funky colors and style
Dunning Sportswear – focuses on more of a clean aestheticsStep 1: Choose a shirt that fits your styleThere are thousands of different shirts out there, but which one fits you? Polo? Striped, solid, argyle, funky? Sweater? Long/short sleeved shirt? With so many choices, do your research to figure out which style best fits you.Step 2: Choose Pants or ShortsDon’t be afraid to choose plaid pants or shorts. While the old school pants are definitely gone, plaid pants and shorts are very much still in style.Step 3: SocksYes, socks. Don’t even think of wearing plain white socks with your new shirt or pants. It’s a simple addition that really counts when you’re on the course.Step 4: Hat or no hatThis one is very much up to you, and not a requirement. It might be a good choice to keep the sun out of your eyes on a very sunny day.Step 5: The buckleWhat? A special belt buckle for golfing? This isn’t your grandpa’s game anymore. Belt buckles are coming back with a vengeance, and can make or break your new wardrobe.

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