S&P 500 little changed 0.05% — Market Pulse · Jul 24, 2026

Stocks ended mixed on July 24. The S&P 500 closed at 7411.98, up 3.68 points, or 0.05%, while the Dow Jones Industrial Average rose 235.60 points, or 0.46%, to 51947.25. The Nasdaq Composite fell 161.87 points, or 0.64%, to 24975.82, and the Russell 2000 slipped 10.16 points, or 0.35%, to 2930.00.

Key Takeaways

• S&P 500 closed little changed 0.05% at 7,411.98.
• Market breadth finished with 363 advancers, 140 decliners, and a 2.593 advance/decline ratio.
• Real Estate led sectors at +2.22%, while Technology lagged at -1.44%.
• VIX ended at 18.58 in the latest five-session lookback.
• SPY’s first resistance is 741.97 and first support is 734.70.

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Market Breadth: Broad rebound under the surface, but tech weakness kept the tape mixed

Metric	Jul 20	Jul 21	Jul 22	Jul 23	Jul 24
Advance/Decline Ratio	0.490	0.845	0.972	0.734	2.593
Advances	165	229	246	213	363
Declines	337	271	253	290	140
Advancing Volume	40.6%	59.8%	54.1%	28.9%	55.9%
Stocks Near 52-Week Highs	7	12	14	9	26
Stocks Near 52-Week Lows	2	4	3	8	3
% Above 20-Day MA	52.9%	50.1%	46.1%	43.9%	55.3%
% Above 50-Day MA	62.0%	59.8%	63.0%	59.4%	65.4%
% Above 200-Day MA	66.2%	65.4%	66.2%	65.4%	66.4%

Under the surface, participation improved meaningfully from the prior session. Breadth finished at 362 advances versus 140 declines, for an advance decline ratio of 2.586, while advancing volume reached 55.91%. That marked a clear turn from July 23, when the five session lookback showed a 0.734 advance decline ratio and just 28.92% advancing volume. Stocks near 52 week highs rose to 24, versus 3 near lows, and 54.98% traded above their 20 day moving average. The 50 day and 200 day participation readings both stood at 64.14%.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,411.98	3.68	+0.05%
Dow Jones Industrial Average	51,947.25	235.60	+0.46%
Nasdaq Composite	24,975.82	-161.87	-0.64%
Russell 2000	2,930.00	-10.16	-0.35%

Five-session context:

Index	Jul 20	Jul 21	Jul 22	Jul 23	Jul 24
S&P 500	-0.19%	+0.89%	-0.14%	-1.21%	+0.05%
Dow Jones Industrial Average	-0.59%	+0.74%	-0.01%	-0.97%	+0.46%
Nasdaq Composite	-0.05%	+1.29%	-0.57%	-2.15%	-0.64%
Russell 2000	-0.67%	+1.53%	-0.92%	-0.67%	-0.35%

Even with firmer breadth, index performance stayed uneven. The Dow outperformed with a 0.46% gain, while the S&P 500 was nearly flat and the Nasdaq posted a second straight decline after its 2.15% drop on July 23. Over the past five sessions, the S&P 500 moved from 7443.28 to 7411.98, the Dow from 51839.26 to 51947.25, the Nasdaq from 25508.07 to 24975.82, and the Russell 2000 from 2942.43 to 2930.00. That pattern points to selective buying rather than a full risk-on move.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Real Estate (XLRE +2.22%), Materials (XLB +1.93%), Consumer Staples (XLP +1.11%), Communication Services (XLC +0.87%), Financials (XLF +0.86%)
• Laggards: Technology (XLK -1.44%), Utilities (XLU +0.22%), Energy (XLE +0.40%), Industrials (XLI +0.40%), Consumer Discretionary (XLY +0.60%)

Leadership leaned defensive and cyclical outside of technology. Real Estate led with XLRE up 2.22%, followed by Materials at 1.93%, Consumer Staples at 1.11%, Communication Services at 0.87%, and Financials at 0.86%. Technology was the clear laggard, with XLK down 1.44%. Utilities, Energy, Industrials, and Consumer Discretionary still closed higher, but only by 0.22%, 0.40%, 0.40%, and 0.60%, respectively.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Jul 20	Jul 21	Jul 22	Jul 23	Jul 24
VIX Level	18.65	17.05	16.64	18.70	18.58

• SPY IV: 15.06% (Normal)
• QQQ IV: 27.04% (Elevated)
• IWM IV: 20.36% (Normal)
• DIA IV: 14.11% (Low)

Volatility held elevated versus midweek lows, but it stopped climbing. The VIX closed at 18.58 after 18.70 on July 23, following a jump from 16.64 to 18.70 the prior day. Options pricing also showed a split tape: SPY implied volatility averaged 15.06%, labeled Normal, while QQQ sat at 27.04%, labeled Elevated. IWM was 20.36%, Normal, and DIA was 14.11%, Low.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Recent macro releases still frame the backdrop. The BEA said May personal income rose $181.6 billion, or 0.7%, disposable personal income increased $164.9 billion, or 0.7%, and personal consumption expenditures increased $156.1 billion, or 0.7%. The BEA also reported first quarter 2026 real GDP growth of 2.1% at an annual rate, up from 0.5% in the fourth quarter of 2025. In positioning data, options whale activity over the last five trading days was bullish overall, with a 2.11 call put premium ratio, while stock whale activity was also bullish overall with a 1.35 buy sell ratio.

• Personal Income and Outlays, May 2026
• GDP, (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026
• Personal Income and Outlays, April 2026
• Personal Income and Outlays, January 2026
• Personal Income and Outlays, December 2025
• Arts and Cultural Production Satellite Account, U.S. and States, 2023
• Travel and Tourism Satellite Accounts, 3rd quarter 2017
• 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
• Outdoor Recreation Economic Statistics, U.S. and States, 2024
• Real Personal Consumption Expenditures by State and Real Personal Income by State, 2024

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Technical Snapshot (SPY)

Level	Jul 20	Jul 21	Jul 22	Jul 23	Jul 24
20-day SMA	744.97	744.74	744.94	745.63	745.87
50-day SMA	743.20	743.40	743.77	744.01	744.03
200-day SMA	693.40	693.80	694.23	694.65	695.02

Near-term pivot structure, based on 2026-07-23:

• Resistance: 741.97 (R1), then 745.87 (R2)
• Pivot: 738.61
• Support: 734.70 (S1), then 731.34 (S2)

For SPY, the reference pivot level was 738.61. Traditional resistance sits at 741.97 and 745.87, while support is at 734.70 and 731.34. Fibonacci resistance levels are 741.38 and 743.10, with support at 735.83 and 734.12. The 20 day and 50 day simple moving averages were 745.87 and 744.03 on July 24, both above the pivot, while the 200 day sat much lower at 695.02. That leaves short-term levels closely packed as price tests an area near the first resistance band.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Whether the Nasdaq can stabilize after back to back losses of 2.15% and 0.64%.
• Breadth follow-through, especially if advancing volume can build above 55.91% after the sharp rebound from 28.92% a day earlier.
• SPY around 738.61 pivot, with 741.97 and 745.87 overhead.
• QQQ implied volatility at 27.04% versus SPY at 15.06%. That gap could stay important if tech remains the weak spot.
• Defensive leadership in XLRE, XLB, and XLP versus continued pressure in XLK.

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Bottom Line

July 24 looked better beneath the surface than the index scoreboard suggested. Breadth, highs versus lows, and participation all improved, and the Dow gained solidly. Still, a second straight Nasdaq decline, XLK weakness, and a VIX near 18.6 show that risk appetite remains selective rather than 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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