Examining Melt-Up Potential Through SPX & TSLA Options

Market Overview - Over 60% of the stocks in the S&P 500 are currently performing positively, indicating a generally favorable market environment [1] - The S&P 500 is facing a major resistance level at 6610, with potential upside resistance at 6625 and support levels at 6580 and 6550 [2][3] - The market is characterized by higher highs and higher lows, suggesting it remains in a bull market leading up to the Federal Open Market Committee (FOMC) meeting [4] Federal Open Market Committee (FOMC) Meeting - There is a 94% probability of a 25 basis point interest rate cut according to CME tools, with a minimal chance (around 5%) of a 50 basis point cut [4] Tesla Performance - Tesla's stock has increased approximately 7.5% in the current trading session, with a key resistance level at 435 [6] - Elon Musk has made a significant investment of $1 billion in Tesla, which has contributed to the stock's recent aggressive movement [5][6] - There has been notable options activity, particularly with buying interest in December 500 calls, indicating bullish sentiment leading up to the recent announcement [6][7] - If Tesla surpasses the 435 resistance level on high volume, it could experience rapid price increases [8]