SPX is an American index based on 500 large companies listed on NYSE and NASDAQ exchanges. Many regard it as a haven. Many of the stocks in the SPX have reached new all-time highs in the last decade. Companies like Apple Inc, Amazon, General Electric, Facebook, Microsoft, Alphabet, Tesla, and many more are listed in the S&P 500. The market capitalization of SPX is valued at $38.2trillion as of June 30, 2021. S&P 500 has been on a long-term bullish trend over the last decade with only a few corrections. The most recent correction occurred during the pandemic, after which price continued the upward movement. The price of SPX in the year 2010 was at $1111.43, SPX’s price today is at $4,448.07, that’s about 4X over the last decade.
The all-time high price of SPX was at $4480.11 on the 16th of August. In April and July of this year, SPX shows that price has been overbought in the two instances. A correction to the downside might occur as stocks are beginning to fall in the past few days due to increasing cases of Covid-19. Price is currently consolidating at the upper region of the Bollinger bands. The next expected support could be at $4,212 i.e.SPX might lose about 300 points in the coming weeks.