U.S. Market Close - July 7, 2026

Less bullish than expected - but still within expectations - as we said during tomorrow's close "We should have a sell-off tomorrow"

How the majors finished on July 7, 2026 - tech down and under its 50-day line, the S&P holding, oil and volatility higher on renewed Iran tension.

Tech took a real hit today, the S&P held its line, and the whole thing traces back to oil and Iran. Let me start with the part that matters most.

The uncomfortable part first: the Nasdaq lost its footing

The Nasdaq-100 fell 1.77% to close at 29,173, and it did two things I did not want to see. It lost the rising support line it had been riding, and it closed below its 50-day moving average at 29,246. QQQ told the same story, down 1.85% to 709.43 and also under its 50-day at 711.66. When the leaders slip under that line and give up their trend support on the same day, it is worth paying attention.

Let me be clear about what this is. It is the kind of setup that can come before a broader semiconductor sell-off or the start of an AI-bubble cool-down, and if we do not recover tomorrow, that risk goes up. That said, it is not a reason to panic. These moves do not play out in a single overnight session. They grind, and they give you time to react. What today tells us is that the tech side is losing ground, and the burden of proof has shifted back onto the buyers.

Nasdaq-100 (US 100) - down 1.77% to 29,173, back under the AI top line and closing below the 50-day moving average.

QQQ - down 1.85% to 709.43, slipping under its rising support and its 50-day line inside the triangle. Yes QQQ is almost the same - but some people prefer QQQ

The S&P is still standing on its line

Away from tech, things looked steadier. The S&P 500 slipped just 0.45% to 7,503.86 and, more importantly, it stayed above the summer bearish decay line it reclaimed on Monday. That line is the whole game right now. Hold it and the breakout is still alive. The reason the index held while tech fell is not complicated: energy and the more value-leaning corners of the market caught a bid today, and that cushioned the damage coming from the tech names.

Holding today, though, does not mean holding tomorrow. This morning I said some of Monday’s gains might get handed back and that it was nothing to be scared of. The index did exactly that and kept its line, which is fine. But if it closes below that line, the selling accelerates instead of the buying we were hoping for. That is the level to watch.