S&P 500 down 0.14% — Market Pulse · Jul 22, 2026

U.S. stocks were quiet but softer on July 22. The S&P 500 slipped 10.24 points to 7498.96, the Dow Jones Industrial Average fell 6.06 points to 52218.58, the Nasdaq Composite lost 146.31 points to 25690.9, and the Russell 2000 dropped 27.29 points to 2960.11.

Key Takeaways

• S&P 500 closed down 0.14% at 7,498.96.
• Market breadth finished with 246 advancers, 256 decliners, and a 0.961 advance/decline ratio.
• Utilities led sectors at +2.27%, while Communication Services lagged at -0.76%.
• VIX ended at 16.82 in the latest five-session lookback.
• SPY’s first resistance is 750.04 and first support is 745.26.

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Market Breadth: Defensive pockets led as major indexes slipped and market internals stayed mixed

Metric	Jul 16	Jul 17	Jul 20	Jul 21	Jul 22
Advance/Decline Ratio	2.803	0.413	0.490	0.845	0.961
Advances	370	147	165	229	246
Declines	132	356	337	271	256
Advancing Volume	59.7%	23.0%	40.9%	59.7%	54.7%
Stocks Near 52-Week Highs	40	20	7	12	14
Stocks Near 52-Week Lows	2	1	2	4	3
% Above 20-Day MA	64.8%	58.5%	52.9%	50.1%	45.9%
% Above 50-Day MA	67.4%	64.2%	62.0%	59.8%	63.2%
% Above 200-Day MA	70.6%	68.6%	66.2%	65.4%	66.2%

Under the surface, breadth was close to even but not especially strong. Advancers totaled 246 versus 256 decliners, for an advance-decline ratio of 0.961, while 54.68% of volume flowed into rising stocks. Participation looked firmer on longer trends than on short ones, with 45.92% of stocks above their 20 day moving average, 61.43% above the 50 day, and 63.22% above the 200 day.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,498.96	-10.24	-0.14%
Dow Jones Industrial Average	52,218.58	-6.06	-0.01%
Nasdaq Composite	25,690.90	-146.31	-0.57%
Russell 2000	2,960.11	-27.29	-0.91%

Five-session context:

Index	Jul 16	Jul 17	Jul 20	Jul 21	Jul 22
S&P 500	-0.51%	-1.01%	-0.19%	+0.89%	-0.14%
Dow Jones Industrial Average	-0.20%	-0.77%	-0.59%	+0.74%	-0.01%
Nasdaq Composite	-1.47%	-1.40%	-0.05%	+1.29%	-0.57%
Russell 2000	-0.06%	-0.42%	-0.67%	+1.53%	-0.90%

The session leaned risk-off, with the Nasdaq Composite down 0.57% and the Russell 2000 off 0.91%, both weaker than the S&P 500’s 0.14% slip. Over the past five sessions, the tape has been choppy: the S&P 500 fell on four of five days before and after a 0.89% bounce on July 21, while the Nasdaq had a 1.29% rebound sandwiched between several down days.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Utilities (XLU +2.27%), Materials (XLB +1.40%), Energy (XLE +1.18%), Consumer Staples (XLP +0.37%), Industrials (XLI +0.08%)
• Laggards: Communication Services (XLC -0.76%), Consumer Discretionary (XLY -0.72%), Health Care (XLV -0.54%), Real Estate (XLRE -0.44%), Technology (XLK -0.30%)

Leadership skewed defensive and commodity-linked. Utilities rose 2.27%, Materials gained 1.40%, and Energy added 1.18%. On the other side, Communication Services fell 0.76%, Consumer Discretionary lost 0.72%, and Technology slipped 0.30%. That mix helps explain why the Dow held nearly flat while growth-heavy indexes lagged.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Jul 16	Jul 17	Jul 20	Jul 21	Jul 22
VIX Level	16.73	18.77	18.65	17.05	16.82

• SPY IV: 11.92% (Low)
• QQQ IV: 22.55% (Normal)
• IWM IV: 16.58% (Normal)
• DIA IV: 12.69% (Low)

Volatility stayed contained. The VIX closed at 16.83 after ending at 18.77 on July 17 and 17.05 on July 21. ETF implied volatility also looked tame in places, with SPY at 11.92% and DIA at 12.69%, both labeled Low, while QQQ at 22.55% and IWM at 16.58% were labeled Normal.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Several day themes pointed to selective rotation rather than broad risk appetite. Reuters coverage said oil prices jumped and later settled up more than 3% to a six-week high as Mideast conflict threatened transit routes, which lined up with Energy’s 1.18% gain. CNBC also highlighted Amazon cutting some jobs in its AGI unit and a J&J update tied to its robotic surgical system, while the session remained flat to softer ahead of Big Tech results.

• Amazon cuts some jobs in its artificial general intelligence unit
• J&J gets a big win on its new robotic surgical system — plus, a flood of earnings
• Jim Cramer’s top 10 things to watch in the stock market Wednesday
• Senate panel advances China auto bill that could bar Mercedes-Benz from U.S.
• Oil prices jump on US-Iran strikes, stocks flat ahead of Big Tech results - Reuters
• Oil settles up more than 3% to six-week high as Mideast conflict threatens oil transit routes - Reuters
• Mideast war escalation threatens recovery in global oil refining - Reuters
• Personal Income and Outlays, May 2026
• GDP, (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026
• Direct Investment by Country and Industry, 2025
• U.S. International Trade in Goods and Services, May 2026
• Minutes of the Board’s discount rate meetings on June 8 and June 17, 2026

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Technical Snapshot (SPY)

Level	Jul 16	Jul 17	Jul 20	Jul 21	Jul 22
20-day SMA	744.65	744.77	744.97	744.74	744.94
50-day SMA	742.08	742.77	743.20	743.40	743.77
200-day SMA	692.50	692.97	693.40	693.80	694.23

Near-term pivot structure, based on 2026-07-21:

• Resistance: 750.04 (R1), then 751.92 (R2)
• Pivot: 747.14
• Support: 745.26 (S1), then 742.37 (S2)

SPY technical levels suggest a market still hovering near support zones that matter. Using the July 21 reference set, the traditional pivot was 747.14, with resistance at 750.04 and 751.92, and support at 745.26 and 742.37. Trend gauges still slope upward, with the SPY 20 day, 50 day, and 200 day moving averages at 744.94, 743.77, and 694.23, respectively.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Breadth follow-through after a 246 to 256 advancer-decliner split and only 45.92% of stocks above the 20 day moving average.
• SPY around 747.14 pivot, especially whether price can reclaim 750.04 and 751.92 or slips toward 745.26.
• Oil-sensitive leadership. Energy gained 1.18% as Reuters reported crude settling up more than 3% to a six-week high.
• The VIX trend after closing at 16.83, down from 18.77 on July 17.
• Institutional cross-currents: options whale activity stayed BULLISH with a 1.81 call-put premium ratio, while stock whale activity was BEARISH with a 0.46 buy-sell ratio.
• Small-cap tone, with the Russell 2000 down 0.91% after its 1.53% jump on July 21.

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Bottom Line

The market did not break down, but it also did not show broad conviction. Defensive leadership, middling breadth, and weaker short-term participation suggest a cautious tape, even as volatility remains relatively calm and longer-term trend measures still hold up.

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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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