Yesterday I had written that out of the major companies in the S&P 500, Tesla is the one that can make the most gains. Promptly, the stock jumps today by 5.3 percent. This of course lifts the index. But the rest of it is also giving plenty of momentum with more than one percent in gains.

S&P 500 in the daily chart The S&P 500 is then at the last hurdle according to the Fibonacci Retracements. It’s crazy how it stayed at the 61.8 retracement on Friday and Monday and jumps today to the 78.6. The 4,500 points are reached.

Source: Tradingview.com

Should I write now that it’s time for a break? The RSI under the chart still says „not overbought“. So we would have room to run directly to 4,600. This rally in November is tremendous!

It is by the way normal that the S&P 500 leaves some price gaps on the way up. We can see this in the chart. But this simply shows that everyone wants to be as fast as possible on the way to the next records.

We cannot rule out, however, that these price gaps will eventually be closed. For the moment, however, we must rather talk about the all-time high at 4,609 points than about corrections that could close any gaps.

As already explained yesterday, we have now reached the point that is the last chance for the bears. If we crack the 78.6 retracement, the signs are good that we will see a new all-time high.

Of course, such a thing is not guaranteed. And as fast as the stock market has been jumping around in the last 2 months, we cannot ignore the possibility of a steep correction. Nevertheless: The bulls clearly have the say at the moment. As much as the rocket of prices shot up – it can still go a little further. The RSI confirms this situation.

Tesla in the daily chart The EMA 50 and EMA 200 have both been cracked. With today’s jump, important points have been reached. We touched the low of September 27th and left the two average lines just behind us.

Source: Tradingview.com

Whether that was already the necessary impulse to make Tesla’s prices go up further will show. At least the stock has now taken the first step in what we had shown yesterday.

Tesla is lagging behind the other giants in the S&P 500. Amazon has made a new yearly high. Meta too. Microsoft is at the all-time high. NVIDIA is just short of it.

Nothing surprising, as these stocks are largely responsible for the course of the S&P 500. Apple is still missing about 5 percent to the new all-time high. The S&P 500 needs about half of it for a new record.

By the way, Microsoft and Apple are the heavyweights in the S&P 500: With a weighting of about 7.4 percent, they are clearly setting the tone. If Apple now puts on another layer, the new all-time high in the S&P 500 is almost logged in.