Market Outlook — Friday, August 21, 2026: Jackson Hole Day, Breadth Pulls Back to 75%, Tech Weakens
SPY $762.60 (+3.31% 20d, -1.96% 5d — deepest short-term pullback of the advance). Breadth dropped from 100% to 75% in a single session. VIX 15.72 (term ratio 0.825). Fed Chair keynote mid-to-late afternoon ET. XLK -4.02% 5d; XLI -3.24%; XLU -5.24% 20d.