Nasdaq and Russell Confirm the Rebound Above Daily +1SD While Oil Stays Elevated — After the Close for July 21, 2026
Nasdaq and Russell futures closed above daily +1SD as chips surged and breadth improved, while oil, gold, and Treasury yields kept macro risk unresolved.
Tuesday answered the question that Monday left open: this time, the rebound held.
The morning Market Pulse identified three tests for the cash session. Nasdaq futures needed to accept above 29,208.51, Russell futures needed to confirm above 2,984.05, and the broader market needed to keep participating while crude oil, gold, and Treasury yields stayed elevated.
By the close, NQ and RTY had both cleared their daily +1SD boundaries, while the S&P 500, Dow, Nasdaq Composite, and Russell 2000 all finished higher. Semiconductor leadership was decisive, but the move was not confined to one or two mega-cap names. Small caps participated, cyclical earnings reactions added support, and equity volatility fell.
The qualification is just as important. WTI crude held near $84.71, gold remained above its daily +1SD line, and the 10-year Treasury yield finished near 4.63%. Tuesday delivered a real equity repair, not a clean all-clear signal.
The Closing Scorecard
| Market | Close or late cash-session reading | Day | What it said |
|---|---|---|---|
| S&P 500 | 7,509.20 | +0.89% | The broad index participated throughout the session and finished near the upper end of its range |
| Dow | 52,224.64 | +0.74% | Cyclical and earnings-sensitive participation improved beyond technology |
| Nasdaq Composite | 25,837.21 | +1.29% | Technology leadership converted the overnight rebound into a durable cash-session advance |
| Russell 2000 | 2,987.75 | +1.54% | Small caps confirmed that Tuesday was broader than a Nasdaq-only squeeze |
| ES futures cash-session close | 7,542.50 | +0.78% | ES held the upper half of the daily field but stopped just below daily +1SD at 7,557.31 |
| NQ futures cash-session close | 29,295.00 | +1.79% | NQ accepted above daily +1SD at 29,208.51
