The Standard and Poor’s 500 commonly known as SPX or S&P 500 is a stock market index that was founded 66 years ago. It is one of the most commonly followed equity indices. As of December 31, 2020, more than $5.4 trillion was invested in assets tied to the performance of the index. As of December 31, 2022, the market cap of SPX was at $33trillion. Since SPX was launched on the stock exchange in 1972 at $4.49, the index has been on a long-term bullish run. Each time a correction occurs on the monthly chart, the price of SPX reaches a new high. The all-time high of SPX is $4,822 which was hit in January 2023.
The opening price of SPX in 2022 was $4,777 and closed at $3,825. The stock index had a woeful 2022. 2023 has been bullish with SPX opening for the year at $3,856. 2023’s high was hit this month at $4,215. The support level of SPX in 2022 was $3,497. In the coming weeks, we might see the price of SPX fall to $3,497 from the current price ranging a little bit above $4,000. As of the time the article was written, the price is at $4,115.23.
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