S&P 500 up 0.17% — Market Pulse · Sep 18, 2026
U.S. equities finished mixed on Sept. 18. The S&P 500 closed at 7650.5, up 12.74 points, or 0.17%, while the Nasdaq Composite added 104.24 points, or 0.39%, to 26522.54. The Dow Jones Industrial Average slipped 95.4 points, or 0.18%, to 51682.64, and the Russell 2000 fell 14.23 points, or 0.5%, to 2860.4.
Key Takeaways
- S&P 500 closed up 0.17% at 7,650.50.
- Market breadth finished with 156 advancers, 346 decliners, and a 0.451 advance/decline ratio.
- Technology led sectors at +0.82%, while Utilities lagged at -1.42%.
- VIX ended at 14.81 in the latest five-session lookback.
- SPY’s first resistance is 762.25 and first support is 758.67.
Market Breadth: Indexes edged higher, but weak breadth kept the rally narrow
| Metric | Sep 14 | Sep 15 | Sep 16 | Sep 17 | Sep 18 |
|---|---|---|---|---|---|
| Advance/Decline Ratio | 1.292 | 0.472 | 0.465 | 1.415 | 0.451 |
| Advances | 283 | 161 | 159 | 293 | 156 |
| Declines | 219 | 341 | 342 | 207 | 346 |
| Advancing Volume | 45.7% | 34.6% | 36.2% | 68.0% | 29.3% |
| Stocks Near 52-Week Highs | 6 | 17 | 5 | 9 | 4 |
| Stocks Near 52-Week Lows | 7 | 20 | 22 | 16 | 26 |
| % Above 20-Day MA | 26.4% | 24.1% | 19.3% | 21.7% | 19.7% |
| % Above 50-Day MA | 38.6% | 35.4% | 32.2% | 31.4% | 28.6% |
| % Above 200-Day MA | 59.1% | 56.5% | 53.3% | 53.3% | 52.3% |
Under the surface, the session was weaker than the headline indexes suggested. Decliners beat advancers 346 to 156, for an advance-decline ratio of 0.451, and advancing volume was just 29.32%. Only 4 stocks were near 52-week highs, versus 24 near 52-week lows, and just 19.68% of stocks were above their 20-day moving averages. That short-term participation remains very thin.
Explore the full dashboard: Market breadth.
Market Performance: Major Indexes
| Index | Close | Change | % Change |
|---|---|---|---|
| S&P 500 | 7,650.50 | 12.74 | +0.17% |
| Dow Jones Industrial Average | 51,682.64 | -95.40 | -0.18% |
| Nasdaq Composite | 26,522.54 | 104.24 | +0.39% |
| Russell 2000 | 2,860.40 | -14.23 | -0.50% |
Five-session context:
| Index | Sep 14 | Sep 15 | Sep 16 | Sep 17 | Sep 18 |
|---|---|---|---|---|---|
| S&P 500 | -0.48% | -0.45% | -0.45% | +1.14% | +0.17% |
| Dow Jones Industrial Average | -0.29% | -0.63% | -1.21% | +0.61% | -0.18% |
| Nasdaq Composite | -0.56% | -0.78% | -0.01% | +1.69% | +0.39% |
| Russell 2000 | -0.40% | -0.76% | -0.40% | +0.55% | -0.50% |
The week still ended with a rebound from the midweek slide. After three straight down sessions, the S&P 500 rose 1.14% on Sept. 17 and added another 0.17% on Sept. 18. The Nasdaq showed the strongest two-day follow-through, rising 1.69% and then 0.39%, while the Russell 2000 lagged with a 0.55% gain followed by a 0.5% drop.
Explore the full dashboard: Market snapshot.
Sector View: Leaders and Laggards
- Leaders: Technology (XLK +0.82%), Industrials (XLI +0.44%), Financials (XLF -0.04%), Health Care (XLV -0.25%), Energy (XLE -0.26%)
- Laggards: Utilities (XLU -1.42%), Materials (XLB -1.42%), Communication Services (XLC -1.37%), Real Estate (XLRE -0.95%), Consumer Staples (XLP -0.83%)
Leadership leaned toward growth and cyclical areas, but only selectively. Technology led with XLK up 0.82%, and Industrials followed with XLI up 0.44%. On the weak side, Utilities and Materials each fell 1.42%, while Communication Services dropped 1.37%. Financials were nearly flat, with XLF down 0.04%.
Explore the full dashboard: Sector performance.
Volatility: VIX and ETF Implied Volatility
| Metric | Sep 14 | Sep 15 | Sep 16 | Sep 17 | Sep 18 |
|---|---|---|---|---|---|
| VIX Level | 17.10 | 17.20 | 17.71 | 15.44 | 14.81 |
- SPY IV: 9.79% (Low)
- QQQ IV: 13.26% (Low)
- IWM IV: 13.65% (Low)
- DIA IV: 10.79% (Low)
Volatility stayed contained. The VIX closed at 14.81 after ending the prior three sessions at 17.1, 17.2, and 17.71, then dropping to 15.44 on Sept. 17. Implied volatility across major ETFs also remained low, with SPY at 9.79%, QQQ at 13.26%, IWM at 13.65%, and DIA at 10.79%.
Explore the full dashboard: Volatility.
Headlines Moving Markets
This week’s policy backdrop centered on the Federal Reserve. The Fed issued its FOMC statement on Sept. 16 and also released economic projections from the Sept. 15-16 meeting. Positioning data showed a mixed institutional tone beneath the surface: options whale activity was bullish overall with a 1.58 call-put premium ratio, while stock whale flow was bearish overall with a 0.76 buy-sell ratio and negative net value of about $371.9 million.
- Federal Reserve issues FOMC statement
- Federal Reserve Board and Federal Open Market Committee release economic projections from the September 15-16 FOMC meeting
- Federal Reserve Board announces termination of enforcement action with SNB Bancshares and Bank of Eufaula
- Federal Reserve Board issues enforcement actions with former employee of Northstar Bank, former employee of American Express Travel Related Services Company, Inc., and former employee of Regions Bank
- GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026
- U.S. International Trade in Goods and Services, July 2026
- Personal Income and Outlays, July 2026
- Agencies seek comment on proposed third-party risk management guidance and issue statement on community bank engagement with core service providers
- Minutes of the Federal Open Market Committee, July 28–29, 2026
- Minutes of the Board’s discount rate meetings on July 20 and July 29, 2026
- Agencies reduce regulatory burden for community banks, increase eligibility for 18-month exam cycle
- Federal Reserve Board announces termination of enforcement actions with United Texas Bank, Quontic Bank Acquisition Corp., and Quontic Bank Holdings Corp.
Technical Snapshot (SPY)
| Level | Sep 14 | Sep 15 | Sep 16 | Sep 17 | Sep 18 |
|---|---|---|---|---|---|
| 20-day SMA | 764.94 | 764.16 | 763.40 | 762.74 | 762.42 |
| 50-day SMA | 756.70 | 757.02 | 757.14 | 757.27 | 757.61 |
| 200-day SMA | 710.25 | 710.74 | 711.18 | 711.57 | 712.00 |
Near-term pivot structure, based on 2026-09-17:
- Resistance: 762.25 (R1), then 763.76 (R2)
- Pivot: 760.18
- Support: 758.67 (S1), then 756.60 (S2)
SPY technical levels remain closely watched after the recent rebound. Using the Sept. 17 reference set, the traditional pivot is 760.18, with resistance at 762.25 and 763.76, and support at 758.67 and 756.6. The 20-day SMA is 762.42, above the 50-day SMA at 757.61 and well above the 200-day SMA at 712, which suggests the longer trend is still stronger than the short-term participation data.
Explore the full dashboard: Support & Resistance levels.
What to Watch Next
- Breadth follow-through after decliners led 346 to 156 and only 29.32% of volume rose with advancing stocks.
- Whether the Russell 2000 can stabilize after closing at 2860.4 and falling 0.5% while the Nasdaq pushed higher.
- SPY around the 20-day SMA at 762.42, plus nearby pivot levels at 760.18, 762.25, and 763.76.
- Volatility tone if the VIX holds near 14.81 while ETF implied volatility stays low across SPY, QQQ, IWM, and DIA.
- Institutional positioning, especially the gap between bullish options whale activity and bearish stock whale flow.
Bottom Line
The major averages ended the week on firmer footing, but the internals were less convincing. Large-cap growth continued to do most of the lifting, volatility stayed calm, and short-term participation remained narrow, leaving breadth as a key test for the next move.
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.
Wes Dean
Co-Founder & Chief Technology Officer
Dean Financials
Wes brings over 25 years of IT industry experience combined with a lifelong passion for financial markets. An active stock market investor since high school, he developed the proprietary market breadth and volatility analysis systems that power Dean Financials' data dashboards. Wes's unique combination of software engineering expertise and deep market knowledge enables him to create sophisticated yet accessible tools for analyzing market conditions and making data-driven investment decisions.
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