CNBC's Jim Cramer analyzed Wednesday's market rally, identifying different elements that spurred stocks gains, including optimism about incoming rate cuts from the Federal Reserve and strong earnings from a few sectors.

He also suggested investors broaden their perspective beyond the volatile tech space and look at areas like retail and banking.

"For once, we have a genuine macro rally. Let's stop obsessing on what we don't know about tech," Cramer said. "And let's just own, not trade, Apple and Nvidia, and get long the real economy stocks that could be poised for a world championship run for the roses into the end of the year, barring something crazy coming out of the White House."

The indexes saw gains on Monday, with the Dow Jones Industrial Average climbing 0.86%, while the S&P 500 added 0.30% and the Nasdaq Composite finished up 0.17% as investors celebrated a cool jobs report from ADP. Cramer suggested the weak employment report could actually pave the way for a strong market performance through the end of the year because the data makes it easier for the Fed to lower interest rates.

Cramer said one major element of Monday's rally is the banks, saying the sector is most important group in the market. Post-earnings, the major banks are roaring, he continued, pointing to names like Wells Fargo, Citigroup, Bank of America and JPMorgan, as well as credit card companies Capital One and American Express.

He noted that Dollar General reported a strong quarter despite food stamp cutbacks. Macy's also reported a surprisingly positive quarter, he continued, saying the retail giant is starting to see the benefits of closing weak stores. Other retailers are also posting better-than-expected results, Cramer added, naming American Eagle, Tapestry, Ralph Lauren, Kohl's, TJX, Urban Outfitters and Walmart.

"In all my forty years of following retail, I can't recall a time when so many chains were doing so well that there's this much full price merchandise for the holidays," Cramer said. "Things just aren't on sale. There's no promotion."

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Disclaimer The CNBC Investing Club Charitable Trust owns shares of Wells Fargo, Capital One and TJX.