S&P 500 little changed 0.00% — Market Pulse · Sep 22, 2026

U.S. equities closed with a split tone on Sept. 22. The S&P 500 ended essentially flat at 7764.64, the Dow fell 0.36% to 51863.69, while the Nasdaq Composite rose 0.45% to 27244.28 and the Russell 2000 gained 0.51% to 2889.92.

Key Takeaways

• S&P 500 closed little changed 0.00% at 7,764.64.
• Market breadth finished with 249 advancers, 253 decliners, and a 0.984 advance/decline ratio.
• Materials led sectors at +1.65%, while Financials lagged at -1.97%.
• VIX ended at 14.21 in the latest five-session lookback.
• SPY’s first resistance is 776.93 and first support is 768.08.

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Market Breadth: Nasdaq and small caps led while breadth stayed mixed

Metric	Sep 16	Sep 17	Sep 18	Sep 21	Sep 22
Advance/Decline Ratio	0.478	1.451	0.451	1.397	0.984
Advances	162	296	156	292	249
Declines	339	204	346	209	253
Advancing Volume	36.9%	68.8%	30.3%	70.6%	48.8%
Stocks Near 52-Week Highs	5	10	4	7	10
Stocks Near 52-Week Lows	22	15	25	11	12
% Above 20-Day MA	19.5%	22.1%	20.3%	26.6%	29.2%
% Above 50-Day MA	32.8%	32.0%	29.2%	31.2%	31.4%
% Above 200-Day MA	53.9%	53.9%	52.9%	52.7%	50.9%

Under the surface, participation was mixed rather than broad. Advancers were 249 versus 253 decliners, advancing volume was 48.84%, and stocks near 52-week highs and lows were almost balanced at 10 and 11, respectively. Over the last five sessions, breadth improved from the weak readings seen on Sept. 16 and Sept. 18, but it has not turned decisively strong.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,764.64	-0.06	-0.00%
Dow Jones Industrial Average	51,863.69	-185.14	-0.36%
Nasdaq Composite	27,244.28	122.19	+0.45%
Russell 2000	2,889.92	14.56	+0.51%

Five-session context:

Index	Sep 16	Sep 17	Sep 18	Sep 21	Sep 22
S&P 500	-0.45%	+1.14%	+0.17%	+1.49%	-0.00%
Dow Jones Industrial Average	-1.21%	+0.61%	-0.18%	+0.71%	-0.36%
Nasdaq Composite	-0.01%	+1.69%	+0.39%	+2.26%	+0.45%
Russell 2000	-0.40%	+0.55%	-0.50%	+0.52%	+0.51%

Leadership remained tilted toward growth and smaller companies. The Nasdaq has climbed from 25978.43 on Sept. 16 to 27244.28 on Sept. 22, including a 2.26% jump on Sept. 21 and another 0.45% gain on Tuesday. The Russell 2000 also added to its recent advance, while the Dow was the clear laggard for the session.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Materials (XLB +1.65%), Consumer Staples (XLP +0.99%), Technology (XLK +0.73%), Health Care (XLV +0.52%), Industrials (XLI +0.17%)
• Laggards: Financials (XLF -1.97%), Energy (XLE -1.09%), Communication Services (XLC -1.06%), Utilities (XLU -0.32%), Real Estate (XLRE -0.21%)

Sector action was uneven. Materials led with XLB up 1.65%, followed by Consumer Staples up 0.99% and Technology up 0.73%. On the downside, Financials fell 1.97%, Energy lost 1.09%, and Communication Services slipped 1.06%. That mix helps explain why the Nasdaq and Russell 2000 advanced even as the S&P 500 finished flat and the Dow fell.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Sep 16	Sep 17	Sep 18	Sep 21	Sep 22
VIX Level	17.71	15.44	14.81	14.87	14.21

• SPY IV: 8.88% (Low)
• QQQ IV: 13.91% (Low)
• IWM IV: 13.85% (Low)
• DIA IV: 11.17% (Low)

Volatility stayed contained. The VIX closed at 14.21, down from 14.87 on Sept. 21 and well below 17.71 on Sept. 16. Options markets also pointed to a calm backdrop, with average implied volatility at 8.88% for SPY, 13.91% for QQQ, 13.85% for IWM, and 11.17% for DIA, all labeled Low.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Recent macro and policy context remained in the background. The Federal Reserve issued its FOMC statement and economic projections on Sept. 16. In the latest BEA releases cited in the catalyst set, second-estimate second-quarter GDP rose at a 1.5% annual rate, July personal income increased 0.4%, disposable personal income rose 0.5%, and personal consumption expenditures increased 0.2%. On Sept. 22, the Federal Reserve also announced approval of an application by BancFirst Corporation.

• Federal Reserve Board announces approval of application by BancFirst Corporation
• GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026
• Personal Income and Outlays, July 2026
• Personal Income and Outlays, June 2026
• Personal Income and Outlays, May 2026
• Personal Income and Outlays, April 2026
• September surge or October offload? Jobs experts weigh in on this fall’s hiring trends
• EU renews Russia sanctions, drops Russian billionaires Usmanov and Fridman - Reuters
• Federal Reserve issues FOMC statement
• Federal Reserve Board and Federal Open Market Committee release economic projections from the September 15-16 FOMC meeting
• Agencies seek comment on proposed third-party risk management guidance and issue statement on community bank engagement with core service providers
• Santoli: The S&P 500 is within striking distance of record as bull relies on familiar leadership

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Technical Snapshot (SPY)

Level	Sep 16	Sep 17	Sep 18	Sep 21	Sep 22
20-day SMA	763.40	762.74	762.42	762.46	762.95
50-day SMA	757.14	757.27	757.61	757.85	758.26
200-day SMA	711.18	711.57	712.00	712.44	712.94

Near-term pivot structure, based on 2026-09-21:

• Resistance: 776.93 (R1), then 780.33 (R2)
• Pivot: 771.48
• Support: 768.08 (S1), then 762.63 (S2)

SPY technical markers still frame the near-term tape. Traditional pivot support and resistance sit at 768.08 and 776.93, with a higher resistance level at 780.33. Fibonacci levels place resistance at 774.86 and 776.95. Trend context remains constructive for the index ETF itself, with the Sept. 22 20-day, 50-day, and 200-day simple moving averages at 762.95, 758.26, and 712.94, respectively. Even so, only 29.22% of stocks were above their 20-day averages and 31.41% were above their 50-day averages, which points to narrow participation beneath the surface.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Breadth follow-through after advancers trailed decliners, 249 to 253, despite gains in the Nasdaq and Russell 2000.
• SPY around 776.93 resistance, with 768.08 as nearby support and 780.33 above.
• Whether the VIX can hold near 14.21 while SPY, QQQ, IWM, and DIA implied volatility remain in the Low range.
• Financials after XLF dropped 1.97%, especially with the Dow down 0.36%.
• Participation metrics. Only 29.22% of stocks are above the 20-day average and 31.41% are above the 50-day average.

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Bottom Line

Tuesday’s session leaned constructive on the surface, especially in the Nasdaq and Russell 2000, but the internals were less convincing. Flat S&P 500 action, weak moving-average participation, and nearly even breadth suggest the market still needs broader confirmation.

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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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