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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Hotels in Hyderabad Near Railway Station

The City of the Nizams- Hyderabad is the largest city of Andhra Pradesh and is one of India’s culturally significant cities of India. Read on to find out more about the city and also check out some good hotels in Hyderabad near railway station.Hyderabad is the administrative capital of the state of Andhra Pradesh and is an important business destination in south India. Once the seat of the opulent and enormously rich Nizams today it is a bustling metropolis and one of India’s first IT hubs. The city is famous for its multi cultural identity and especially its Nizam inspired cuisine like the legendary Hyderabadi Biriyani. Situated on the banks of the river Musi and the huge Hussain Sagar Lake, Hyderabad is one of the finest examples of the traditional and modern mixing together. The landmark of the city is the iconic Charminar which is a prayer hall and was built by Mohammed Qutb Shah. Other major tourist attractions in Hyderabad that you must visit include the Hussain Sagar Lake, the enchanting Chowmahalla Palace, Golconda Fort and Mecca Masjid, etc.Hyderabad is one of the metropolises of India and is very well connected with the rest of the country by roads, railways and airways. The Rajiv Gandhi International Airport connects it with the rest of the world. Secunderabad Junction is the headquarters of the south central railway system and it is located on the northern side of the Hussain sagar Lake. It is the largest and most important railway stations in Hyderabad city and caters to express trains. Staying in hotels in Hyderabad near railway station could prove to be quite helpful as it will make your hotel easily accessible. You can also reduce your transportation costs and also save your time if you stay in hotels in Hyderabad near railway station as you won’t have to hire private taxis for travelling to/from your hotel. Below are some good hotels in Hyderabad near railway station that you can check out.Quality Hotels in Hyderabad near Railway StationHotel Karan is one of the finest budget hotels in Hyderabad that is located at a distance of 2 km from the Secunderabad Railway station. It enjoys wide recommendation among guests and is known for its service, facility and its cost effectiveness. It offers well furnished rooms that are equipped with all major amenities and costs Rs. 2210.Hotel Nakshatra is one of the finest 3 star hotels in Hyderabad located on MG road and is close to the Secunderabad railway station. It enjoys wide popularity among travelers and has received a customer recommendation of a full 100% and a star rating of 4.5 out of 5. It offers well furnished and fully air conditioned rooms that are equipped with all major amenities. It also offers some extra facilities like multi cuisine restaurant, coffee shop, parking facility and safe deposit locker. The rooms cost Rs.2500.