S&P 500 up 0.21% — Market Pulse · Jul 28, 2026

U.S. equities finished mixed on July 28. The Dow Jones Industrial Average jumped 537.24 points, or 1.03%, to 52747.32, while the S&P 500 added 15.60 points, or 0.21%, to 7428.78. The Nasdaq Composite slipped 55.17 points, or 0.22%, to 24876.91, and the Russell 2000 edged up 0.20% to 2953.80.

Key Takeaways

• S&P 500 closed up 0.21% at 7,428.78.
• Market breadth finished with 357 advancers, 145 decliners, and a 2.462 advance/decline ratio.
• Health Care led sectors at +2.36%, while Technology lagged at -1.84%.
• VIX ended at 18.21 in the latest five-session lookback.
• SPY’s first resistance is 744.29 and first support is 734.65.

---

Market Breadth: Dow-led advance masks weak underlying participation

Metric	Jul 21	Jul 22	Jul 23	Jul 27	Jul 28
Advance/Decline Ratio	0.845	0.972	0.734	1.562	2.462
Advances	229	246	213	100	357
Declines	271	253	290	64	145
Advancing Volume	59.7%	54.1%	28.9%	40.7%	63.7%
Stocks Near 52-Week Highs	12	14	9	29	40
Stocks Near 52-Week Lows	4	3	8	1	0
% Above 20-Day MA	50.1%	46.1%	43.9%	17.5%	18.1%
% Above 50-Day MA	59.8%	63.0%	59.4%	17.1%	17.5%
% Above 200-Day MA	65.4%	66.2%	65.4%	20.3%	21.1%

Breadth was positive on the day, with 357 advancers against 145 decliners and advancing volume at 63.72%. That said, participation remained thin. Only 18.09% of stocks were above their 20 day moving average, 17.3% were above their 50 day, and 19.48% were above their 200 day.

Explore the full dashboard: Market breadth.

---

Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,428.78	15.60	+0.21%
Dow Jones Industrial Average	52,747.32	537.24	+1.03%
Nasdaq Composite	24,876.91	-55.17	-0.22%
Russell 2000	2,953.80	5.76	+0.20%

Five-session context:

Index	Jul 21	Jul 22	Jul 23	Jul 27	Jul 28
S&P 500	+0.89%	-0.14%	-1.21%	+0.07%	+0.21%
Dow Jones Industrial Average	+0.74%	-0.01%	-0.97%	+0.96%	+1.03%
Nasdaq Composite	+1.29%	-0.57%	-2.15%	-0.82%	-0.22%
Russell 2000	+1.53%	-0.92%	-0.67%	+0.27%	+0.20%

The day belonged to the Dow, which outpaced the other major indexes by a wide margin. The S&P 500 and Russell 2000 posted modest gains, while the Nasdaq extended its recent soft patch. Over the last five sessions, the Nasdaq fell from 25837.21 to 24876.91 and declined in four of five trading days.

Explore the full dashboard: Market snapshot.

---

Sector View: Leaders and Laggards

• Leaders: Health Care (XLV +2.36%), Consumer Staples (XLP +1.99%), Communication Services (XLC +1.87%), Materials (XLB +1.85%), Consumer Discretionary (XLY +1.48%)
• Laggards: Technology (XLK -1.84%), Energy (XLE -1.35%), Industrials (XLI -0.39%), Utilities (XLU -0.35%), Real Estate (XLRE +0.55%)

Leadership tilted defensive and selective. Health Care led with XLV up 2.36%, followed by Consumer Staples at 1.99%, Communication Services at 1.87%, Materials at 1.85%, and Consumer Discretionary at 1.48%. Technology was the clear drag, with XLK down 1.84%, while Energy fell 1.35% and Industrials slipped 0.39%.

Explore the full dashboard: Sector performance.

---

Volatility: VIX and ETF Implied Volatility

Metric	Jul 21	Jul 22	Jul 23	Jul 27	Jul 28
VIX Level	17.05	16.64	18.70	18.67	18.21

• SPY IV: 14.46% (Low)
• QQQ IV: 26.45% (Elevated)
• IWM IV: 19.87% (Normal)
• DIA IV: 15.14% (Normal)

Volatility cooled slightly but did not fully retreat. The VIX closed at 18.21, down from 18.67 on July 27, though still above 16.64 on July 22. Options pricing also showed a split tone: SPY average implied volatility was 14.46%, tagged Low, while QQQ sat at 26.45%, tagged Elevated.

Explore the full dashboard: Volatility.

---

Headlines Moving Markets

Macro context remains mixed. The latest BEA update showed personal income up $181.6 billion, or 0.7%, in May, disposable personal income up $164.9 billion, and PCE up $156.1 billion, also 0.7%. First quarter 2026 real GDP was revised to a 2.1% annualized increase, up from 0.5% in the fourth quarter of 2025. Markets are also still digesting the June 16-17 FOMC statement, economic projections, and minutes.

• 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 Transactions and Investment Position, 1st Quarter 2026 and Annual Update
• U.S. International Trade in Goods and Services, May 2026
• New Foreign Direct Investment in the United States, 2025
• Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2024
• Federal Reserve issues FOMC statement
• Federal Reserve Board and Federal Open Market Committee release economic projections from the June 16-17 FOMC meeting
• Minutes of the Board’s discount rate meetings on June 8 and June 17, 2026
• Minutes of the Federal Open Market Committee, June 16-17, 2026
• Federal Reserve announces the leadership and objectives of its task forces to advance the conduct of monetary policy

---

Technical Snapshot (SPY)

Level	Jul 21	Jul 22	Jul 23	Jul 27	Jul 28
20-day SMA	744.74	744.94	745.63	746.15	746.62
50-day SMA	743.40	743.77	744.01	744.08	744.05
200-day SMA	693.80	694.23	694.65	695.39	695.76

Near-term pivot structure, based on 2026-07-27:

• Resistance: 744.29 (R1), then 749.72 (R2)
• Pivot: 740.08
• Support: 734.65 (S1), then 730.44 (S2)

SPY technical levels still frame the near-term tape. The traditional pivot is 740.08, with resistance at 744.29 and 749.72, and support at 734.65 and 730.44. The 20 day and 50 day simple moving averages sit at 746.62 and 744.05, both above the pivot, while the 200 day moving average at 695.76 remains well below price.

Explore the full dashboard: Support & Resistance levels.

---

What to Watch Next

• Whether the Nasdaq can stabilize after closing at 24876.91 and falling in four of the last five sessions.
• SPY around the 740.08 pivot, especially any push toward 744.29 and 749.72 or slippage toward 734.65.
• Breadth follow-through. Strong daily advances were encouraging, but only 18.09% of stocks remain above the 20 day moving average.
• Keep an eye on the volatility gap between SPY at 14.46% implied volatility and QQQ at 26.45%.
• Sector rotation, especially if Health Care, Staples, and Communication Services keep leading while XLK stays under pressure.

---

Bottom Line

Tuesday’s session showed buying interest, but not broad conviction. The Dow’s strength and solid daily breadth helped, yet weak technology performance, elevated QQQ volatility, and very low moving average participation suggest the market is still working through a narrow and uneven advance.

---

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.

Disclaimer: Nothing here is investment advice or a recommendation to buy or sell any security. This content is for educational purposes only. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you. You should not rely on this information without independent verification or professional advice. No client relationship or fiduciary duty is created by viewing or using this content. Investments involve risk, including the possible loss of principal.