SPX500 / S&P 500: Live Level, Point Values and the Benchmark Index
The benchmark: the index every other US risk asset is measured against, and the one with the deepest futures market. Its point value is also the largest of the majors, which catches people out.
SPX500 is the S&P 500 index. A point is worth $50 on the E-mini (ES) and $5 on the Micro (MES), with CFD point values set by your broker. That $50 makes it the largest point value of the major index futures, so a 20-point stop is $1,000 on a single E-mini contract.
S&P 500 (SPX500) right now
One point = 1 of price. A standard lot is 1 units at 1 per point, so pip value = pip size × contract size × lots. Figures assume a USD account; confirm the contract size with your broker.
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Open SPX500 on the live desk (H1) → See what the desk does →The point value catches people out
| Instrument | Value per point | Minimum tick |
|---|---|---|
| E-mini (ES) | $50 | 0.25 pt = $12.50 |
| Micro (MES) | $5 | 0.25 pt = $1.25 |
| CFD (SPX500 / US500) | Broker-set | Broker-defined |
The S&P moves fewer points than the Nasdaq but each one is worth more. A trader switching between them who keeps the same contract count and the same point stop changes their risk substantially without noticing.
Why it is the benchmark
It is broad, cap-weighted and the deepest equity futures market in the world, which is why it is used as the reference for risk sentiment everywhere - including in FX, where EUR/JPY tends to track it.
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Play free, no signup →What drives it
- Rate expectations and inflation data.
- Earnings season in aggregate, rather than one company.
- The cash open and close, plus the monthly and quarterly expiries, which concentrate volume.
Sizing it
Enter a realistic stop in points and the tool shows what each instrument allows. For most retail accounts the honest answer on ES is fractional, which means the micro is the right instrument rather than a compromise.
How far SPX500 actually moves
Measured on the OANDA feed our charting desk runs on, 2026-01-11 to 2026-09-17 (180 completed daily bars). Recalculated every week.
| Average daily range | 91.4 points |
|---|---|
| Median day | 82.2 points |
| Widest day in the window | 263.3 points |
| Quietest day | 24.8 points |
| Average as % of price | 1.263% |
| Widest weekday | Thursday (97.4 points) |
| Busiest hour | 14:00 UTC, about 32.0 points in that hour (quietest 04:00, 9.1) |
The median is the middle day and the average is pulled up by a handful of violent ones, so size a stop against the median and expect the average to flatter you. Full table for every instrument, with the method, on average daily range by pair.
Frequently asked questions
What is one S&P 500 point worth?
$50 on the E-mini (ES) and $5 on the Micro (MES). CFD point values are set by your broker.
What is the tick size on ES?
0.25 of an index point, worth $12.50 on the E-mini and $1.25 on the Micro.
Is the S&P 500 better to trade than the Nasdaq?
It moves fewer points but each is worth more, and it is less concentrated in technology. Neither is easier; the sizing maths differs.
Why do traders watch the S&P as a benchmark?
It is broad, cap-weighted and has the deepest futures market, so it is treated as the reference for risk sentiment across markets.
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