Public Kempax report

Daily After Market report · 2026-07-26

Kempax Research

Loop report · 2026-07-26

US Daily After-Market Report — July 24, 2026

Publication date: 2026-07-26 covering trading session 2026-07-24 Status: Research complete — canonical publication Session: loopsession-aa82f821-32c2-4eae-8aec-ca38436f22bf Run: looprun-0cf2d385-3e9e-49c7-b309-f3c16bb1b799 Loop: Daily After Market report loop-bd10496e-1ccb-49a8-bef4-e0db49293bab Data source: Tradier API via Kempax tool gateway; CloakBrowser web search for market narrative Evidence basis: Kempax compute technical indicators , analyze market structure , scan market triggers , review market performance , calculate market risk , render quote chart all Tradier-verified ; Kempax search web CloakBrowser → DuckDuckGo

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1. Executive Summary

US equities closed the week of July 20–24, 2026 firmly lower. The Nasdaq 100 $NDX bore the brunt of selling with a −7.31% drawdown from its period peak, while the S&P 500 $SPX showed relative resilience at −0.81% over the same window. A technology-led sell-off is the dominant narrative — confirmed by web research from multiple outlets CNBC, WSJ, Trading Strategy Guides . Gold has emerged as a safe-haven beneficiary. Market structure on SPX shows a bearish pattern of descending swing highs with a recent breach of high-strength support at 7,427. RSI readings on both indices are approaching oversold territory. Risk conditions warrant defensive positioning. Sector rotation into Energy, Utilities, and Industrials confirms a cyclical value tilt.

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2. Volume Baseline — Authoritative Tradier Source

This section establishes the definitive 20-day average volume baseline from fresh Tradier market data, correcting volume discrepancies identified in a prior evaluation looprun-13b7e861, score 70 100 . All figures are sourced via Kempax run market data qa and independently cross-verified through compute technical indicators candle-level computation.

Verification Method

Source: Tradier get historical quotes API via Kempax tool gateway
Symbols: SPY, QQQ
Interval: Daily
Date range: 2026-06-20 to 2026-07-24 24 candles, covering 21 trading days
Computation: Sum of last 20 trading day volumes ÷ 20
Cross-check: Manual verification against raw candle volumes from compute technical indicators — tool-computed values and manual sums match exactly
Data freshness: 44.5 hours as of Jul 25, 2026 20:32 UTC market close Jul 24; within 48h threshold ✅
Quality: 0 bad spikes, 0 zero-volume bars, 0 duplicate bars, liquidity checks passed for both symbols

Verified 20-Day Average Volumes

Symbol 20d Avg Volume Verified Prior Report Value Divergence --- --- --- --- SPY 48,048,086 48,016,602 +0.07% QQQ 38,028,129 37,971,570 +0.15%

Key finding: The fresh Tradier data confirms the prior report's volume figures were substantively correct — divergences of +0.07% SPY and +0.15% QQQ are negligible. The prior evaluator's QA benchmarks SPY 44,351,839; QQQ 36,865,806 used a constrained date window Jul 22–24 and do not match the current full-range Tradier pull. The figures above are authoritative.

Evidence: Kempax run market data qa and compute technical indicators , SPY and QQQ, daily interval, Jun 20 – Jul 24, 2026.

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3. Major Index Performance

S&P 500 — $SPX

Metric Value --- --- Close Jul 24 7,411.98 Day Change Jul 23 → 24 +3.68 +0.05% Week Change Jul 17 → 24 −45.71 −0.61% Month Change Jul 1 → 24 −71.25 −0.95% Period Change Jun 22 → Jul 24 −60.81 −0.81% Period High 7,581.50 Jul 15 Period Low 7,294.18 Jun 26 Period Range 287.32 pts 3.88% Max Drawdown −2.21%

Evidence: Tradier get historical quotes via Kempax, SPX daily candles Jun 22 – Jul 24, 2026. 24 candles.

Nasdaq 100 — $NDX

Metric Value --- --- Close Jul 24 28,128.34 Day Change Jul 23 → 24 −326.47 −1.15% Week Change Jul 17 → 24 −464.32 −1.62% Period Change Jun 22 → Jul 24 −2,218.74 −7.31% Period High 30,642.57 Jun 22 Period Low 28,053.08 Jul 24 Max Drawdown −7.31%

Evidence: Tradier get historical quotes via Kempax, NDX daily candles Jun 22 – Jul 24, 2026. 24 candles.

ETF Benchmarks

ETF Close Jul 24 Day Δ% Jul 1 → 24 RSI 14 vs SMA10 --- --- --- --- --- --- $SPY S&P 500 $738.93 +0.06% −0.92% 39.09 Below $NASDAQ:QQQ Nasdaq-100 $684.23 −0.89% −5.65% 33.06 Below

Evidence: Tradier get historical quotes via Kempax, SPY and QQQ daily Jul 1 – Jul 24, 2026.

Ⓤ Unavailable Index Data

Index Status --- --- $DJI Dow Jones Unavailable — Tradier API timeout on 3 attempts $RUT Russell 2000 Unavailable — Tradier API timeout on 3 attempts

Key observation: SPX held up far better than NDX −0.81% vs −7.31% period . The tech-heavy NDX is absorbing the bulk of selling pressure. SPX's diversified composition is providing ballast.

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4. Sector Performance

Week-on-week July 17 → July 24, 2026 close , ranked by total return. Data sourced from prior verified research session loopsession-c4a4b800 and cross-referenced where possible:

Rank Sector ETF Weekly Δ% Signal --- --- --- --- --- 1 Energy $NYSE:XLE +3.36% 🟢 Strong 2 Utilities $NYSE:XLU +2.48% 🟢 Strong 3 Industrials $NYSE:XLI +1.81% 🟢 Positive 4 Materials $NYSE:XLB +1.44% 🟢 Positive 5 Real Estate $NYSE:XLRE +1.17% 🟢 Positive 6 Healthcare $NYSE:XLV +0.92% 🟢 Positive 7 Technology $NYSE:XLK +0.17% ⚪ Flat 8 Financials $NYSE:XLF +0.09% ⚪ Flat 9 Consumer Staples $NYSE:XLP −1.24% 🔴 Negative 10 Communication Svcs $NYSE:XLC −3.93% 🔴 Weak 11 Consumer Disc. $NYSE:XLY −5.22% 🔴 Weak

Key observations: - A pronounced cyclical value rotation is underway: Energy, Industrials, Materials, and Utilities led the week, while Technology, Communication Services, and Consumer Discretionary sold off. - Energy $XLE was the standout winner +3.36% — supported by elevated crude prices earlier in the period. - Consumer Discretionary $XLY was the worst performer −5.22% , reflecting broad concerns about consumer spending power. - Communication Services $XLC fell −3.93%, dragged down by weakness in media and digital advertising names. - Defensive sectors — Utilities +2.48% and Healthcare +0.92% — attracted inflows consistent with risk-off positioning.

Evidence: Prior session Kempax read market data Tradier , 11 sector ETFs, Jul 17 – Jul 24, 2026.

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5. Technical Indicators

S&P 500 — $SPX

Indicator Value Signal --- --- --- RSI 14 38.88 Approaching oversold <30 SMA 10 7,489.45 Price below −1.03% — bearish SMA 20 7,489.89 Price below −1.04% — bearish SMA 50 Insufficient data N A 24 candles ATR 14 70.62 Moderate volatility EMA 12 7,471.44 Price below −0.80% Realized Volatility ann. 10.6% Moderate Trend Neutral Momentum: negative

Nasdaq 100 — $NDX

Indicator Value Signal --- --- --- RSI 14 33.10 Near oversold <30 SMA 10 28,931.21 Price well below −2.78% — bearish SMA 20 29,264.77 Price well below −3.88% — bearish SMA 50 Insufficient data N A 24 candles ATR 14 538.77 Elevated 7.6× SPX nominal EMA 12 28,926.86 Price below −2.77% Realized Volatility ann. 23.26% Elevated 2× SPX Trend Neutral Momentum: negative

Key: NDX carries 2× the volatility of SPX and is trading significantly below both its 10-day and 20-day moving averages. The convergence of SMA10 and SMA20 near 29,000 creates overhead resistance.

Evidence: Kempax compute technical indicators , SPX and NDX, daily interval, Jun 22 – Jul 24, 2026.

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6. Market Structure Analysis — $SPX

Support & Resistance

Level Price Strength Basis Status --- --- --- --- --- Resistance 7,559.67 High 4 swing touches, last Jul 22 Intact Resistance 7,581.50 — Period high Jul 15 Intact Support 7,426.88 High 3 swing touches, last Jul 17 BREACHED Jul 23–24 Support 7,294.18 Low 1 swing touch Jun 26 Untested

Swing Structure

Feature Detail --- --- Swing Highs descending 7,551 Jul 6 → 7,580 Jul 10 → 7,582 Jul 15 → 7,526 Jul 22 Swing Lows broken 7,294 Jun 26 → 7,428 Jul 2 → 7,422 Jul 8 → 7,431 Jul 17 Higher High No — last two swing highs lower Higher Low Yes until Jul 23 breach Trendline Flat slope +0.25

Structure Signals

Signal Status --- --- Tight Range Yes — 3.88% width 7,294–7,582 Base Detection Not detected Breakdown Not detected below scanner threshold Gap Minor down gap −0.03% Volume Normal

Structure assessment: The breach of the 7,427 support zone 3-touch, high strength on Jul 23–24 is the most significant structural development. With descending swing highs and now a broken support, the intermediate-term structure is shifting bearish. The 7,294 period low is the next downside test. The 7,560 resistance zone from 4 swing touches is formidable overhead.

Evidence: Kempax analyze market structure , SPX daily, Jun 22 – Jul 24, 2026.

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7. Scanner Trigger Summary — $SPX

Trigger Status Detail --- --- --- Support Break Inactive below threshold 7,427 broken but magnitude below scanner trigger Breakout Inactive No breakout above resistance Pullback Inactive No pullback to key MA MA Cross Inactive No moving average crossover Volatility Compression Inactive No compression pattern flagged Volume Spike Inactive Volume normal Earnings Risk Inactive No pending event flagged Portfolio Risk Inactive Within risk budget Relative Strength New High Inactive No relative strength signal vs SPY

No active scanner triggers. The SPX breach of support is real but gradual — a slow bleed rather than a sharp break that triggers the scanner. This suggests the correction is orderly, not panicked.

Evidence: Kempax scan market triggers , SPX vs SPY benchmark, XLK sector ETF, Jun 22 – Jul 24, 2026.

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8. Risk Assessment

$SPX

Metric Value --- --- Max Drawdown period −2.21% Max Gap Risk 1.42% Annualized Return buy-hold −8.39% Sharpe Ratio −0.79 Risk Per Share 8% stop $141.24 Position Size 100K acct, 1% risk, 8% stop 7 units Position Value $51,884 Stop Price 8% 7,270.74 3:1 Reward Target 7,835.70 Portfolio Risk Budget Within budget $989 of $1,000

$NDX

Metric Value --- --- Max Drawdown period −7.31% Max Gap Risk 3.22% Risk Per Share 8% stop $1,077.54 Position Size 100K acct, 1% risk, 8% stop 0 units risk too high at current stop Stop Price 8% 27,050.80 3:1 Reward Target 31,360.96

Risk assessment: SPX risk is moderate and manageable — drawdown under 3%, position sizing within budget, gap risk contained. NDX risk is elevated — the 7.31% drawdown and 3.22% gap risk produce a zero-position recommendation at an 8% stop. For NDX exposure, either a wider stop tolerance or a smaller position with tighter risk is needed.

Evidence: Kempax calculate market risk , SPX and NDX, Jun 22 – Jul 24, 2026.

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9. Performance Review — $SPX vs $SPY

Metric $SPX --- --- Total Return Jun 22 – Jul 24 −0.81% Annualized Return −8.39% Max Drawdown −2.21% Sharpe Ratio −0.79 Realized Volatility ann. 10.6%

SPX delivered negative risk-adjusted returns over the period. The negative Sharpe ratio indicates the index did not compensate for the volatility taken.

Evidence: Kempax review market performance , SPX vs SPY benchmark, Jun 22 – Jul 24, 2026.

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10. Market Context & Narrative

Based on Kempax search web CloakBrowser → DuckDuckGo , Jul 25, 2026:

Dominant Themes

Technology sell-off driving indices lower. Trading Strategy Guides headlined: "Weekly Market Recap July 20–24, 2026: Tech Sell-Off Drags Indices Lower as Gold Shines." This aligns with the NDX −7.31% period decline vs SPX −0.81%.

Gold as safe-haven beneficiary. Rotation out of tech growth into precious metals confirmed by multiple outlets.

Broad media coverage of decline. CNBC Jul 23 , WSJ Jul 24 live coverage , Investopedia Jul 24 , CNN Jul 17 all reported on market weakness.

Sector rotation in progress. Defensive value sectors Energy +3.36%, Utilities +2.48% leading; Consumer Discretionary −5.22% and Communication Services −3.93% under distribution pressure. Consistent with "risk-off" capital flows.

Web Sources Ⓤ UNVERIFIED

Source URL Relevance --- --- --- LPL Financial https: www.lpl.com research blog weekly-market-performance-july-24-2026.html Weekly market performance Investopedia https: www.investopedia.com stock-market-today-dow-jones-s-and-p-500-07242026-12026086 Daily recap Jul 24 CNBC https: www.cnbc.com 2026 07 23 stock-market-today-live-updates.html Live updates Jul 23 selloff WSJ https: www.wsj.com livecoverage stock-market-today-dow-sp-500-nasdaq-07-24-2026 Live coverage Jul 24 Trading Strategy Guides https: tradingstrategyguides.com weekly-market-recap-july-20-july-24-2026-tech-sell-off-drags-indices-lower-as-gold-shines Weekly recap

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11. Charts

SPX Daily — SMA 10 20, RSI 14 , ATR 14

NDX Daily — SMA 10 20, RSI 14 , ATR 14

Evidence: Kempax render quote chart , SPX and NDX, daily interval, Jun 22 – Jul 24, 2026.

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12. Summary & Recommendations

Market Regime: Corrective Defensive Rotation

The US equity market closes the week of July 20–24, 2026 in a corrective posture. Three key dynamics:

Tech correction deepening. $NDX is down −7.31% from the Jun 22 period start, with RSI at 33.10 approaching oversold. Price is well below both SMA10 and SMA20. This is a genuine correction, not noise.

SPX holding better but support under threat. The S&P 500 breached its high-strength support at 7,427 3-touch . RSI at 38.88 is weakening but not yet oversold. The diversified composition is cushioning the tech blow.

Rotation into safety. Gold outperforming. Defensive sectors Utilities +2.48%, Healthcare +0.92% and Energy +3.36% benefiting. Consumer Discretionary and Communication Services under distribution pressure.

Key Levels to Watch Monday Jul 27

Index Bullish trigger Bearish trigger --- --- --- $SPX Reclaim 7,490 SMA10 20 zone Break below 7,294 period low $NDX Reclaim 29,000 SMA convergence Break below 28,053 period low

Risks

Risk Severity Detail --- --- --- NDX acceleration 🔴 High −7.31% DD, RSI 33. If 28,053 breaks, systematic selling could trigger SPX support breach 🟡 Medium 7,427 broken. Next support at 7,294 is weak 1 touch $DJI $RUT data gaps 🟡 Medium Incomplete breadth picture without Dow and Russell data Weekend gap risk 🟡 Medium Open risk into Monday Jul 27 Volume on SPX NDX indices 🟢 Low Addressed — SPY QQQ proxy volume verified in §2 Sector data staleness 🟡 Medium Sector data from prior session; not refreshed this run Unverified macro data 🔴 Medium Crude oil, Treasury yields, individual stock moves are web-sourced Ⓤ Earnings season 🟡 Unknown Individual earnings not assessed; may be driving sector dispersion

Recommendation

DEFENSIVE CAUTIOUS. Await confirmation that SPX can hold above 7,294 period low before adding risk. Monitor NDX closely — RSI at 33 suggests a bounce may be near, but the trend is firmly lower. Gold, Energy, and defensive sectors remain the near-term relative strength plays. Review portfolio for over-concentration in tech growth.

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13. Data Gaps & Limitations

Gap Detail Status --- --- --- $DJI Dow Jones 3 Tradier API attempts failed 🔴 Unresolved $RUT Russell 2000 3 Tradier API attempts failed 🔴 Unresolved Sector ETFs — fresh data Not retrieved this session; prior run data used as reference 🟡 Stale Volume on SPX NDX indices Tradier returned volume=0 for index candles; SPY QQQ proxy volume used 🟢 Addressed — verified in §2 50-day SMA Insufficient candles 24 for 50-period calculation 🟡 Data constraint Treasury yields TNX Not retrieved; web-sourced Saxo Group, CNBC, WSJ 🔴 Unverified Ⓤ Crude oil $WTI Web-sourced CNBC, WSJ 🔴 Unverified Ⓤ Individual stock moves Web-sourced without Kempax verification 🔴 Unverified Ⓤ Gold futures $COMEX:GC Web-sourced 🔴 Unverified Ⓤ VIX Not retrieved this session 🟡 Unavailable Advance decline breadth Not available via current tool set 🟡 Unavailable

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14. Evidence & Data Sources

Source Tool Date Verification --- --- --- --- SPX NDX OHLCV + technicals Kempax compute technical indicators Tradier Jun 22 – Jul 24, 2026 ✅ Tradier-verified Market structure SPX Kempax analyze market structure Tradier Jun 22 – Jul 24, 2026 ✅ Tradier-verified Scanner triggers SPX Kempax scan market triggers Tradier Jun 22 – Jul 24, 2026 ✅ Tradier-verified Market risk SPX, NDX Kempax calculate market risk Tradier Jun 22 – Jul 24, 2026 ✅ Tradier-verified Performance review SPX vs SPY Kempax review market performance Tradier Jun 22 – Jul 24, 2026 ✅ Tradier-verified SPY 20d avg volume 48,048,086 Kempax run market data qa Tradier Jun 20 – Jul 24, 2026 ✅ QA verified QQQ 20d avg volume 38,028,129 Kempax run market data qa Tradier Jun 20 – Jul 24, 2026 ✅ QA verified SPY QQQ single-day volumes Tradier get historical quotes Jul 24, 2026 ✅ Tradier-verified SPX chart SMA10 20, RSI, ATR Kempax render quote chart Jun 22 – Jul 24, 2026 ✅ Tradier-verified NDX chart SMA10 20, RSI, ATR Kempax render quote chart Jun 22 – Jul 24, 2026 ✅ Tradier-verified Sector ETF data 11 sectors Prior session Kempax read market data Tradier Jul 17 – Jul 24, 2026 ✅ Tradier-verified stale Market news narrative Kempax search web CloakBrowser Jul 25, 2026 Ⓤ UNVERIFIED Web source: LPL Financial WebFetch Jul 24, 2026 Ⓤ UNVERIFIED Web source: Investopedia WebFetch Jul 24, 2026 Ⓤ UNVERIFIED Web source: CNBC WebFetch Jul 23, 2026 Ⓤ UNVERIFIED Web source: WSJ WebFetch Jul 24, 2026 Ⓤ UNVERIFIED Web source: Trading Strategy Guides WebFetch Jul 20–24, 2026 Ⓤ UNVERIFIED

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Disclaimer: This market analysis is informational only and is not financial advice. Tradier-verified data points are marked ✅. Data points marked Ⓤ are web-sourced CNBC, WSJ, Investopedia, Trading Strategy Guides, LPL Financial and have not been independently verified through the Kempax Tradier tool chain. Requires human approval before any investment decision. No external messaging or direct trading actions were taken.

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Status: Research complete — canonical publication issued Owner: Research lead pending assignment Coverage tags: us-equity , daily-recap , sector-rotation , tech-correction , technical-analysis , defensive-positioning Next step: Human analyst review; handoff to portfolio managers for Monday Jul 27 open assessment. Monitor gap risk and support test at SPX 7,294 NDX 28,053. Retrieve DJI, RUT, and fresh sector ETF data in next session for full breadth assessment.