S&P 500 down 0.35% — Market Pulse · Nov 12, 2026
U.S. stocks gave back ground on November 12 after Wednesday’s rebound. The S&P 500 closed at 7592.40, down 26.98 points, or 0.35%, while the Nasdaq Composite fell 0.39% to 25366.09 and the Dow lost 0.36% to 52297.09. The Russell 2000 stood out on the downside, dropping 1.66% to 2799.06.
Key Takeaways
- S&P 500 closed down 0.35% at 7,592.40.
- Market breadth finished with 124 advancers, 377 decliners, and a 0.329 advance/decline ratio.
- Energy led sectors at +1.51%, while Materials lagged at -1.28%.
- VIX ended at 18.70 in the latest five-session lookback.
- SPY’s first resistance is 763.23 and first support is 755.64.
Market Breadth: Broad pullback masks a still-firm five-session trend
| Metric | Nov 6 | Nov 9 | Nov 10 | Nov 11 | Nov 12 |
|---|---|---|---|---|---|
| Advance/Decline Ratio | 0.575 | 5.410 | 1.012 | 1.976 | 0.329 |
| Advances | 183 | 422 | 250 | 332 | 124 |
| Declines | 318 | 78 | 247 | 168 | 377 |
| Advancing Volume | 47.5% | 74.1% | 39.1% | 76.3% | 21.6% |
| Stocks Near 52-Week Highs | 3 | 15 | 18 | 20 | 10 |
| Stocks Near 52-Week Lows | 1 | 0 | 0 | 1 | 1 |
| % Above 20-Day MA | 59.6% | 68.2% | 70.2% | 72.4% | 66.4% |
| % Above 50-Day MA | 60.8% | 68.4% | 68.2% | 71.0% | 69.6% |
| % Above 200-Day MA | 53.2% | 59.4% | 59.8% | 60.6% | 58.5% |
Under the surface, the session was weaker than the headline index declines suggest. Advancers trailed decliners 124 to 377, for an advance decline ratio of 0.329, and just 21.63% of volume flowed into rising stocks. That was a sharp reversal from November 11, when the advance decline ratio was 1.976 and advancing volume reached 76.28%. Even so, 66.4% of stocks remained above their 20 day moving average, 69.58% stayed above the 50 day, and 58.45% held above the 200 day.
Explore the full dashboard: Market breadth.
Market Performance: Major Indexes
| Index | Close | Change | % Change |
|---|---|---|---|
| S&P 500 | 7,592.40 | -26.98 | -0.35% |
| Dow Jones Industrial Average | 52,297.09 | -189.40 | -0.36% |
| Nasdaq Composite | 25,366.09 | -100.10 | -0.39% |
| Russell 2000 | 2,799.06 | -47.20 | -1.66% |
Five-session context:
| Index | Nov 6 | Nov 9 | Nov 10 | Nov 11 | Nov 12 |
|---|---|---|---|---|---|
| S&P 500 | +0.31% | +2.35% | -0.38% | +1.31% | -0.35% |
| Dow Jones Industrial Average | -0.46% | +2.15% | -0.30% | +0.49% | -0.36% |
| Nasdaq Composite | +1.09% | +2.74% | -0.74% | +1.60% | -0.39% |
| Russell 2000 | +0.89% | +3.15% | -0.68% | +0.88% | -1.66% |
The day looked like a pause inside a stronger five-session stretch. From November 6 through November 12, the S&P 500 rose from 7376.86 to 7592.40, the Nasdaq Composite climbed from 24579.43 to 25366.09, and the Dow advanced from 51285.73 to 52297.09. Small caps also remained higher over that span, though the Russell 2000 gave back more on Thursday after closing at 2846.26 the day before.
Explore the full dashboard: Market snapshot.
Sector View: Leaders and Laggards
- Leaders: Energy (XLE +1.51%), Utilities (XLU -0.02%), Technology (XLK -0.34%), Consumer Staples (XLP -0.43%), Consumer Discretionary (XLY -0.44%)
- Laggards: Materials (XLB -1.28%), Communication Services (XLC -0.96%), Industrials (XLI -0.89%), Financials (XLF -0.72%), Health Care (XLV -0.59%)
Sector moves were mixed, with leadership tilting defensive and commodity-linked. Energy led, as XLE rose 1.51% to 64.33. Utilities were nearly flat at 43.81, down just 0.02%, while Technology held up relatively well with XLK off 0.34%. On the weaker side, Materials fell 1.28%, Communication Services lost 0.96%, and Industrials dropped 0.89%.
Explore the full dashboard: Sector performance.
Volatility: VIX and ETF Implied Volatility
| Metric | Nov 6 | Nov 9 | Nov 10 | Nov 11 | Nov 12 |
|---|---|---|---|---|---|
| VIX Level | 25.64 | 19.92 | 19.46 | 17.49 | 18.70 |
- SPY IV: 15.04% (Normal)
- QQQ IV: 25.60% (Elevated)
- IWM IV: 17.71% (Normal)
- DIA IV: 14.43% (Low)
Volatility stayed contained relative to last week, but it did firm on the pullback. The VIX closed at 18.7, up from 17.49 on November 11, after falling from 25.64 on November 6. In the options market, SPY implied volatility averaged 15.04%, tagged Normal, while QQQ sat higher at 25.60%, marked Elevated. DIA was lower at 14.43%, or Low, and IWM stood at 17.71%, also Normal.
Explore the full dashboard: Volatility.
Headlines Moving Markets
The day’s catalyst slate mixed policy plumbing with company-specific headlines. The Federal Reserve announced pricing changes for payment services provided by the Federal Reserve Banks, effective January 1, 2027, and also released a revised tentative schedule of FOMC meetings in 2027. In corporate news, CNBC reported that Cisco beat on earnings and said AI infrastructure revenue will double this fiscal year, while Microsoft outages affecting Outlook also drew attention.
- Federal Reserve Board announces pricing, effective January 1, 2027, for payment services the Federal Reserve Banks provide to banks and credit unions, and changes to streamline and adjust their check services
- Federal Reserve announces revised tentative schedule of Federal Open Market Committee meetings in 2027
- In a policy switch, the Fed says its October 2027 meeting will not see a vote on interest rates
- Cisco beats on earnings, says AI infrastructure revenue will double this fiscal year
- Microsoft outage hits Outlook. AWS and Google users also report issues
- Microsoft outage drags on for hours, disrupting Outlook, Teams for thousands - Reuters
- Cerebras surges 13% after beating on quarterly revenue and announcing Microsoft deal
- Federal Reserve Board issues enforcement action with former employee of United Community Bank
- Personal Income and Outlays, September 2026
- GDP (Advance Estimate), 3rd Quarter 2026
- Mortgage rates were 7% in 1997, too—here’s why buying a home feels more expensive today
- Jensen Huang is out and Nvidia stock is down—what market pros say about buying dips
Technical Snapshot (SPY)
| Level | Nov 6 | Nov 9 | Nov 10 | Nov 11 | Nov 12 |
|---|---|---|---|---|---|
| 20-day SMA | 765.55 | 763.39 | 762.13 | 760.72 | 760.23 |
| 50-day SMA | 765.83 | 765.15 | 764.86 | 764.56 | 764.56 |
| 200-day SMA | 727.35 | 727.61 | 727.96 | 728.27 | 728.62 |
Near-term pivot structure, based on 2026-11-11:
- Resistance: 763.23 (R1), then 766.67 (R2)
- Pivot: 759.08
- Support: 755.64 (S1), then 751.49 (S2)
SPY technical levels offer a useful map after the pullback. The traditional pivot sits at 759.08, with resistance at 763.23 and 766.67, while support rests at 755.64 and 751.49. SPY’s 20 day simple moving average was 760.23 and its 50 day was 764.56, placing price near short-term trend measures but still well above the 200 day average of 728.62. Over the past five sessions, the 20 day average eased from 765.55 to 760.23, while the 200 day average continued to rise from 727.35 to 728.62.
Explore the full dashboard: Support & Resistance levels.
What to Watch Next
- Breadth follow-through after the advance decline ratio fell to 0.329 and advancing volume dropped to 21.63%.
- Whether the Russell 2000 can stabilize after its 1.66% slide to 2799.06.
- VIX behavior near 18.7 after last week’s drop from 25.64 to 17.49, then Thursday’s rebound.
- SPY around the 759.08 pivot, especially support at 755.64 and resistance at 763.23.
- Tech leadership versus broader participation, with XLK down only 0.34% while Communication Services fell 0.96%.
Bottom Line
Thursday looked more like a broad cooling session than a major trend break. Index losses were modest, but the sharp deterioration in breadth and the hit to small caps suggest near-term momentum narrowed even as five-session performance and moving average participation remained fairly constructive.
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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