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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Frequently Asked Questions About Compounding Pharmacies

If you are facing the need to use a compounding pharmacy for the first time, there’s little doubt that you have questions. Compounding pharmacies are available, but they are not commonly used by most patients. Here are the most frequently asked questions about these pharmacies.What Is a Compounding Pharmacy?In essence, this type of pharmacy is one that customizes medications that are not commercially available. Medications are prescribed by a physician, veterinarian, or other medical provider. The medications are then compounded, or put together, by a state-licensed pharmacist. These pharmacies are typically utilized for people and animals that have unique health concerns that commercially available medications cannot address.Are These Types Of Medications Safe?You must understand that compounded medications are off-label. This means that the FDA does not approve them. That said, compounded medications are considered safe when put together and sold by reputable pharmacists. Before you order or ask for a compounded medication, ask your doctor to recommend a pharmacist or pharmacy. Not all professionals are skilled in the art of compounding medications.Why Do I Need This Medication?There are a variety of reasons why you may need a compounded medication. For example, if your pain management drug is difficult for you to swallow, your pharmacist may suggest a liquid or transdermal version. If you are experiencing sensitivity to an ingredient in your hormone replacement, your doctor may have a medication compounded without that particular ingredient.Compounded pharmacies also make medications for veterinary patients. Often, flavoring is added or liquid is made in order to increase palatability for a pet.Where Do Medication Ingredients Come From?The ingredients that are put into compounded medications come from the same suppliers as the big pharmaceutical companies. These companies are inspected and regulated by the FDA. The ingredients in your compounded medications are considered safe for consumption.Who Regulates These Pharmacies?Just like typical pharmacies, compounded pharmacies and pharmacists are licensed at the state level. There is also an entity known as the Pharmacy Compounding Accreditation Board (PCAB) that has developed national standards that compounding pharmacies must follow.Does the FDA Inspect Compounding Pharmacies?The FDA does not inspect compounding pharmacies, but this should not dissuade you from making use of their services. The FDA does not inspect typical pharmacies. The regulation of pharmacies and pharmacists has always been handled by individual states. The FDA does, as has been stated, inspect and regulate the facilities that produce the ingredients that go into these medications.Compounding pharmacies are on the rise as people become more aware of them. Up until the 20th century, all pharmacies were of the compounding type. It wasn’t until just a century ago that the pharmacies we are used to seeing today arose. If your doctor suggests a compounded medication, you can feel safe in taking it. Follow the same safety protocols as you would with a typical medication, and speak with your doctor should you experience any adverse events.