How does this index look at this moment in time: August 11, 2023?

It is my belief that the S&P500 constituents have been manipulated to show better returns than a simple reflection of GDP growth. This kind of nonsense went on ahead of the Financial Crisis when Standard & Poors manipulated the creditworthiness ratings of bonds to look better than they really were.
By any RATIONAL means of valuing equities, we are in a bubble, which began to inflate in late 2016 (coincident with, guess what?). To deflate the bubble, equities need to lose an average of about 35% from where they are today.