S&P 500 up 0.89% — Market Pulse · Jul 21, 2026

U.S. equities staged a solid rebound on July 21 after four softer sessions. The S&P 500 rose 65.92 points, or 0.89%, to 7509.2, the Nasdaq Composite gained 329.14 points, or 1.29%, to 25837.21, the Dow added 385.38 points, or 0.74%, to 52224.64, and the Russell 2000 led with a 1.53% rise to 2987.4.

Key Takeaways

• S&P 500 closed up 0.89% at 7,509.20.
• Market breadth finished with 229 advancers, 270 decliners, and a 0.848 advance/decline ratio.
• Technology led sectors at +2.89%, while Consumer Staples lagged at -0.94%.
• VIX ended at 17.04 in the latest five-session lookback.
• SPY’s first resistance is 746.71 and first support is 739.58.

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Market Breadth: Stocks rebounded, but breadth still lagged the index bounce

Metric	Jul 15	Jul 16	Jul 17	Jul 20	Jul 21
Advance/Decline Ratio	1.057	2.795	0.414	0.491	0.848
Advances	258	369	147	165	229
Declines	244	132	355	336	270
Advancing Volume	57.6%	59.7%	23.0%	40.9%	60.9%
Stocks Near 52-Week Highs	20	40	20	7	12
Stocks Near 52-Week Lows	4	2	1	2	4
% Above 20-Day MA	52.7%	64.8%	58.5%	52.9%	50.1%
% Above 50-Day MA	62.0%	67.4%	64.2%	62.0%	59.8%
% Above 200-Day MA	66.8%	70.6%	68.6%	66.2%	65.4%

The headline rebound looked better than the underlying breadth. Decliners still topped advancers, 271 to 229, for an advance-decline ratio of 0.845, although 60.92% of volume flowed into rising stocks. Participation metrics were middling, with 49.9% of stocks above their 20 day moving average, 58.45% above the 50 day, and 62.03% above the 200 day. There were 11 stocks near 52 week highs versus 4 near lows, a 2.75 ratio.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,509.20	65.92	+0.89%
Dow Jones Industrial Average	52,224.64	385.38	+0.74%
Nasdaq Composite	25,837.21	329.14	+1.29%
Russell 2000	2,987.40	44.97	+1.53%

Five-session context:

Index	Jul 15	Jul 16	Jul 17	Jul 20	Jul 21
S&P 500	+0.38%	-0.51%	-1.01%	-0.19%	+0.89%
Dow Jones Industrial Average	+0.29%	-0.20%	-0.77%	-0.59%	+0.74%
Nasdaq Composite	+0.62%	-1.47%	-1.40%	-0.05%	+1.29%
Russell 2000	+0.39%	-0.06%	-0.42%	-0.67%	+1.53%

The session was a bounce after a weak five-day stretch. Even with Tuesday’s gains, the S&P 500 remained below its July 15 close of 7572.4, the Nasdaq stayed under 26269.23, and the Dow remained below 52658.64. Small caps stood out. The Russell 2000 climbed 1.53% after falling 0.67% the day before.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Technology (XLK +2.89%), Energy (XLE +0.98%), Health Care (XLV +0.63%), Industrials (XLI +0.30%), Consumer Discretionary (XLY +0.23%)
• Laggards: Consumer Staples (XLP -0.94%), Communication Services (XLC -0.69%), Real Estate (XLRE -0.07%), Utilities (XLU -0.04%), Financials (XLF +0.12%)

Leadership came from Technology, with XLK up 2.89%, followed by Energy at 0.98% and Health Care at 0.63%. Consumer Staples lagged at -0.94%, and Communication Services fell 0.69%. That split suggests investors leaned back toward growth, while some defensive groups did not participate.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Jul 15	Jul 16	Jul 17	Jul 20	Jul 21
VIX Level	15.67	16.73	18.77	18.65	17.04

• SPY IV: 10.79% (Low)
• QQQ IV: 20.67% (Normal)
• IWM IV: 14.46% (Low)
• DIA IV: 12.58% (Low)

Volatility cooled but did not fully reset. The VIX closed at 17.06, down from 18.65 on July 20 and below 18.77 on July 17, but still above 15.67 on July 15. Options pricing was relatively subdued in several major ETFs, with SPY implied volatility at 10.79%, IWM at 14.46%, and DIA at 12.58%, while QQQ sat at 20.67%.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

The macro backdrop included a new BEA release showing the U.S. direct investment abroad position rose by $438.1 billion to $7.14 trillion at the end of 2025, while foreign direct investment in the United States increased by $266.0 billion to $5.86 trillion. Other recent BEA data showed May personal income rose 0.7%, disposable personal income rose 0.7%, personal consumption expenditures increased 0.7%, and first quarter 2026 real GDP grew at a 2.1% annual rate. Positioning data sent a mixed message: options whale activity was bullish overall, with a 2.72 call-put premium ratio, while stock whale activity was bearish overall, with a 0.83 buy-sell ratio and bearish dark pool flow.

• Direct Investment by Country and Industry, 2025
• Personal Income and Outlays, May 2026
• GDP, (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026
• Minutes of the Board’s discount rate meetings on June 8 and June 17, 2026
• Federal Reserve issues FOMC statement
• Federal Reserve Board and Federal Open Market Committee release economic projections from the June 16-17 FOMC meeting
• U.S. International Transactions and Investment Position, 1st Quarter 2026 and Annual Update
• U.S. International Trade in Goods and Services, May 2026
• Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2024
• New Foreign Direct Investment in the United States, 2025
• U.S. International Investment Position, 3rd Quarter 2025
• U.S. International Transactions, 3rd Quarter 2025

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Technical Snapshot (SPY)

Level	Jul 15	Jul 16	Jul 17	Jul 20	Jul 21
20-day SMA	744.56	744.65	744.77	744.97	744.74
50-day SMA	741.35	742.08	742.77	743.20	743.40
200-day SMA	691.99	692.50	692.97	693.40	693.80

Near-term pivot structure, based on 2026-07-20:

• Resistance: 746.71 (R1), then 751.26 (R2)
• Pivot: 744.13
• Support: 739.58 (S1), then 737.00 (S2)

SPY’s reference pivot is 744.13, with resistance at 746.71 and 751.26, and support at 739.58 and 737.00. The ETF’s moving averages remain closely stacked above current trend support, with the 20 day at 744.74, the 50 day at 743.4, and the 200 day at 693.8. That keeps the intermediate trend constructive, even as short-term participation has softened from last week’s levels.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Breadth follow-through after 229 advancers versus 271 decliners on a strong index day.
• SPY near pivot 744.13, especially whether price can hold above 746.71 and challenge 751.26.
• VIX direction after easing to 17.06 from 18.65 in one session.
• Technology leadership, with XLK up 2.89%, versus continued weakness in XLP at -0.94% and XLC at -0.69%.
• Institutional positioning split, options whales stayed bullish with a 2.72 call-put premium ratio, while stock whale flow remained bearish with a 0.83 buy-sell ratio.
• Moving-average participation. Roughly half of stocks are above their 20 day line, at 49.9%.

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Bottom Line

Tuesday’s rebound improved the tape, especially for the Nasdaq and Russell 2000, and lower volatility helped. Still, the market has not fully repaired its internals. Until breadth and short-term participation strengthen from current levels, the bounce looks encouraging but not yet broad-based.

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Market Pulse provides daily analysis of S&P 500 market breadth, sector rotation, and volatility signals to help investors understand what’s happening beneath the surface. Data sourced from our real-time market breadth collectors. For personalized planning, explore our retirement calculators, investment tools, and FIRE planning resources.

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