It’s been 67 years since the S&P 500 has been created. This month, price reached $6000 for the first time. In January 2022, SPX had a peak price at $4821. After price reached this milestone, there was a reversal in price for 10 months, which resulted to price reaching $3501. This stands as the major support level. In the 3rd week of October, a bounce in price started. This rally has been running for the past two years. In January 2024, a breakout to the upside occurred, making the bulls more confident.
On the 11th of November, price reached an all-time at $6010, surpassing the $6000 psychological level for the first time. SPX has reached at least 47 record highs in 2024. The S&P 500 has advanced 23% year to date. Since 1988, the index has achieved an average one-year return of 13.4% after reaching a record high. The future is not guaranteed for SPX at this time, as price might reverse below $4000 in the coming months. Price has fallen from the highs, with the current price at $5916. The smooth ride to new high might take a break as we wrap up the year.
On the weekly chart, though price is still at the upper region of the moving average, there have been a few times that price has been overbought on the RSI.
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