It is done! The S&P 500 closes the price gap!

Last Updated: 13. November 2023By

A Herculean effort by the bulls before the weekend made it possible: the S&P 500 closed the gap at 4,402 points. It even went further to the next hurdle. We’ll take a look at that now.

Today we are back at the 4,402 points. It would be quite chic for another rise if the prices climb further after a pullback. But we’ll see in the coming days whether that will happen.

S&P 500 in the daily chart Here you can see the rally of the last few days. From 4,100 points it rose over 400 points. Respectable! At the December high of 2022, the prices bounced off sharply and then rose rapidly again.

Now we are parked at the 61.8 Fibonacci retracement. On Friday the prices rose exactly there. Today there was a small pullback overnight. As described, we are now back in the area where the gap occurred at the end of September.

We are above the EMA 50 and EMA 200. Just from this perspective, it is bullish again. November is known for being a strong month. If the prices climb above the Fibonacci retracement, the bulls may have already fired off their powder for December.

So don’t expect too much from the year-end rally. From my point of view, there are new all-time highs, but statistics show that December is often neutral. On the other hand, the actual increase usually takes place in November. We are experiencing an example of this month.

When is it bull market again? Even though it is still too early for that – but if the prices rise above the 78.6 retracement at around 4,500 points, the bears officially lose.

Then theoretically new all-time highs are possible. Of course we are still a long way off. Only if November continues to give gas and December does not only pass moderately, this is certainly possible.

The S&P 500 has risen 400 points in 2 weeks. We just need 200 more points and then there will be a new all-time high.

There are still some heavyweights who can put in accordingly. Apple is roughly following the S&P 500. There is little difference here. Amazon is already much better off and shortly before an all-time high. Alphabet had a slightly different course, but made up ground similarly to the S&P 500.

Microsoft shows how it’s done. A new all-time high has been in the books since Friday! Meta is similarly, here we are at least at a yearly high! Tesla can still catch up significantly. Of the really big guys in the market, their stocks are comparatively low.