S&P 500 down 0.48% — Market Pulse · Sep 14, 2026

Stocks gave back part of Friday’s rebound on Sept. 14. The S&P 500 closed at 7619.98, down 37 points, or 0.48%, while the Nasdaq Composite fell 0.56% to 26186.41 and the Dow slipped 0.29% to 52421.20.

Key Takeaways

• S&P 500 closed down 0.48% at 7,619.98.
• Market breadth finished with 283 advancers, 218 decliners, and a 1.298 advance/decline ratio.
• Communication Services led sectors at +2.19%, while Technology lagged at -1.81%.
• VIX ended at 17.10 in the latest five-session lookback.
• SPY’s first resistance is 765.78 and first support is 763.06.

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Market Breadth: Defensive leadership met weak participation as indexes slipped again

Metric	Sep 8	Sep 9	Sep 10	Sep 11	Sep 14
Advance/Decline Ratio	0.410	0.245	0.508	2.105	1.298
Advances	146	99	168	341	283
Declines	356	404	331	162	218
Advancing Volume	36.4%	21.9%	35.5%	66.6%	46.0%
Stocks Near 52-Week Highs	5	6	1	5	6
Stocks Near 52-Week Lows	14	17	19	14	7
% Above 20-Day MA	27.6%	22.1%	17.9%	25.3%	26.5%
% Above 50-Day MA	42.9%	37.8%	33.6%	39.2%	38.7%
% Above 200-Day MA	62.6%	59.6%	57.5%	59.2%	59.0%

Under the surface, breadth looked better than the index closes alone. Advancers led decliners 283 to 218, for an advance-decline ratio of 1.298, and stocks near 52-week highs and lows were nearly balanced at 6 versus 7. Even so, only 45.96% of volume went into advancing stocks, which points to a market where gains were present but not especially forceful.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,619.98	-37.00	-0.48%
Dow Jones Industrial Average	52,421.20	-152.09	-0.29%
Nasdaq Composite	26,186.41	-146.63	-0.56%
Russell 2000	2,892.24	-11.70	-0.40%

Five-session context:

Index	Sep 8	Sep 9	Sep 10	Sep 11	Sep 14
S&P 500	-0.58%	-0.48%	-0.58%	+0.86%	-0.48%
Dow Jones Industrial Average	-1.18%	-0.77%	-0.60%	+0.98%	-0.29%
Nasdaq Composite	-0.32%	-0.64%	-0.65%	+0.96%	-0.56%
Russell 2000	-0.52%	-1.32%	-1.04%	+0.45%	-0.40%

The one-day move capped a choppy five-session stretch. Over the last five trading days, the S&P 500 posted daily returns of -0.58%, -0.48%, -0.58%, +0.86%, and -0.48%. The Dow followed a similar path, down -1.18%, -0.77%, -0.60%, +0.98%, and -0.29%, while the Russell 2000 showed added pressure with losses of -0.52%, -1.32%, -1.04%, +0.45%, and -0.40%.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Communication Services (XLC +2.19%), Health Care (XLV +1.45%), Consumer Staples (XLP +1.25%), Consumer Discretionary (XLY -0.10%), Financials (XLF -0.38%)
• Laggards: Technology (XLK -1.81%), Industrials (XLI -1.42%), Utilities (XLU -1.34%), Energy (XLE -0.94%), Materials (XLB -0.90%)

Leadership turned defensive. Communication Services rose 2.19%, Health Care gained 1.45%, and Consumer Staples added 1.25%. On the other side, Technology fell 1.81%, Industrials dropped 1.42%, and Utilities lost 1.34%. That split helps explain why breadth was positive even as the major indexes finished lower.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Sep 8	Sep 9	Sep 10	Sep 11	Sep 14
VIX Level	15.72	16.46	17.84	15.84	17.10

• SPY IV: 12.63% (Low)
• QQQ IV: 16.92% (Normal)
• IWM IV: 17.64% (Normal)
• DIA IV: 13.44% (Low)

Volatility firmed back up. The VIX closed at 17.10 after ending last week at 15.84, a one-day move of 7.95% based on the five-session history. Even with that increase, implied volatility on major ETFs was not stretched: SPY averaged 12.63% and DIA 13.44%, both labeled Low, while QQQ at 16.92% and IWM at 17.64% were labeled Normal.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Recent macro data gave investors a mixed growth backdrop. The BEA said personal income rose $115.1 billion, or 0.4%, in July, disposable personal income increased $125.9 billion, or 0.5%, and PCE increased $36.3 billion, or 0.2%. The BEA also estimated second-quarter real GDP growth at a 1.5% annual rate, down from 2.1% in the first quarter, while the July trade deficit widened from $71.2 billion to $88.6 billion. Positioning data also showed crosscurrents: options whale sentiment was bullish with $168310218 in call premium versus $110759617 in put premium, but stock whale sentiment was bearish with a buy-sell ratio of 0.70 and net value of -30220537443.56.

• Personal Income and Outlays, July 2026
• GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026
• U.S. International Trade in Goods and Services, July 2026
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• Is a ‘SaaSpocalypse’-like sell-off coming for AI hardware stocks? Not so fast
• AI stocks tumble on safety warnings. How to proceed — including 2 names on our shopping list
• Here are our top 10 things to watch in the stock market Monday
• Counting the votes: Warsh faces a tough battle as the Fed girds for expected interest rate hike
• Agencies seek comment on proposed third-party risk management guidance and issue statement on community bank engagement with core service providers
• Minutes of the Board’s discount rate meetings on July 20 and July 29, 2026
• Federal Reserve issues FOMC statement
• Agencies reduce regulatory burden for community banks, increase eligibility for 18-month exam cycle

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Technical Snapshot (SPY)

Level	Sep 8	Sep 9	Sep 10	Sep 11	Sep 14
20-day SMA	769.01	768.66	768.25	767.52	766.84
50-day SMA	756.82	757.56	757.99	758.21	758.58
200-day SMA	709.82	710.38	710.91	711.46	712.01

Near-term pivot structure, based on 2026-09-11:

• Resistance: 765.78 (R1), then 767.43 (R2)
• Pivot: 764.71
• Support: 763.06 (S1), then 761.99 (S2)

Participation remains the main technical restraint. Only 26.49% of stocks were above their 20-day moving average, 38.65% were above the 50-day, and 58.96% were above the 200-day. For SPY, the pivot sits at 764.71, with support at 763.06 and 761.99, and resistance at 765.78 and 767.43. The SPY 20-day moving average is 766.84, above the 50-day at 758.58 and the 200-day at 712.01, so near-term price action is still pressing against a higher short-term trend line rather than cleanly reclaiming it.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Breadth follow-through after advancers led 283 to 218, but advancing volume reached only 45.96%.
• SPY around 764.71 pivot, then 763.06 and 761.99 on the downside, with 765.78 and 767.43 overhead.
• Whether the Russell 2000, at 2892.24 after a 0.40% drop, can stabilize after three losses in the last four sessions.
• Volatility trend. The VIX closed at 17.10 after falling to 15.84 on Sept. 11.
• Institutional split between bullish options premium flow, call-put ratio 1.52, and bearish stock whale flow, buy-sell ratio 0.70.

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Bottom Line

Monday’s action showed a market that was softer at the index level, but not uniformly weak underneath. Defensive leadership, low short-term participation, and a higher VIX suggest investors are still selective rather than broadly risk-on.

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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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