The board carries a Friday 2026-08-21 settled close, and the headline is a broad, roughly-uniform RSI cooldown across nearly every equity index, sector, and factor — SPY, QQQ, and IWM all lost 9-12 RSI points this week — but every long-horizon check still points up: all five broad benchmarks and eight of eleven sectors sit above their 200-day with double-digit 1-year gains. The two real casualties are Utilities (XLU, RSI cratering back to 32.6, its sharpest single-name move on the board) and the bond complex, where all five names are death-crossed, below their 200-day, and negative on the year — a genuine standing headwind, not a short-window blip. All 42 names carry a fresh 2026-08-21 close (market-pulse) — no staleness caveat.

LONG-HORIZON READ: this dashboard applies the desk's binding rule — a name whose short-window trend flag reads "down" but sits ABOVE its 200-day with a positive 1-year change is called a deep pullback in an intact trend, never a breakdown. Only a name trading BELOW its 200-day with a weak or negative year is called genuinely broken.

The tape's dominant move this week is a broad RSI cooldown, not a rotation into weakness. SPY fell from RSI 65.8 to 54.2, QQQ from 59.6 to 50.1, IWM from 63.7 to 52.6, and RSP from 71.0 to 60.3 — all four broad benchmarks losing roughly 10 RSI points on 7-day declines of -0.86% to -2.41%. But every one of the five broad indices remains comfortably above its 200-day (SPY +8.2%, QQQ +9.3%, DIA +7.4%, IWM +11.1%, VTI +8.4%) with double-digit 1-year gains (SPY +21.82%, QQQ +27.13%, IWM the group's best at +33.8%). This is a deep pullback inside intact secular uptrends — even QQQ, whose short-window trend flag now reads "weak-down."

Sector rotation tells the same story with two real exceptions. Energy (XLE) and Healthcare (XLV) are this week's clear leaders — both extended further into a breakout regime, both near their 52-week highs, both carrying the board's best 1-year sector gains (XLE +50.84%, XLV +29.08%). Tech (XLK) had the roughest week of any sector on a short-window basis (7D -3.53%) but sits 15.7% above its 200-day with the group's best year (+42.18%) — another deep pullback, not a breakdown. Utilities is the genuine casualty: XLU's RSI collapse (48.2→32.6) is the board's sharpest single-name move, and unlike Tech, the long-horizon numbers confirm real damage — below its 200-day (-4.4%), barely positive on the year (+2.1%), and the sector's worst alpha (-19.71). Communication Services (XLC) carries the same flags on a smaller scale: below its 200-day (-2.3%), +1.52% on the year, alpha -20.29.

The bond complex is the one place this cycle where the short read and the long read fully agree: TLT, IEF, HYG, LQD, and BND are all death-crossed, all below their 200-day, and all negative on the year — the "higher for longer" story is a standing headwind, not a short-window wobble. Commodities pulled the opposite direction from equities: COPX's RSI jumped from 57.9 to 69.9 (+12.0), the board's sharpest positive move, while GLD (63.3→71.2) and SLV (59.8→66.8) both pushed further into strength. Natural gas (UNG) remains the commodity complex's outlier, still in a collapse regime and 16.2% below its 200-day. FXI reversed its own prior-cycle breakdown (RSI 46.4→57.9) but still trades below its 200-day with a negative year — a bounce inside a still-damaged chart, not a repaired one.

Volatility stayed crushed through the whole pullback — VIXY and VXX both remain in collapse regime with RSI barely above 32, essentially unchanged from last cycle even as the broad tape lost 8-15 RSI points. No hedging bid showed up during the week's cooldown, which is worth tracking if the pullback deepens rather than stabilizes. Within factors, Momentum (MTUM) and the semis complex (SMH) both look like short-window laggards on their trend flags (weak-down) but both sit deeply above their 200-day with large 1-year gains (MTUM +26.35%, SMH +95.56%) — the same deep-pullback pattern as the broad indices, not a breakdown.

No 2026-08-21 edition of this scan exists; this compares against the most recent prior cycle, 2026-08-14.

1. Broad-based RSI cooldown across nearly every equity index and sector: SPY 65.8→54.2 (-11.6); QQQ 59.6→50.1 (-9.5); IWM 63.7→52.6 (-11.1); RSP 71.0→60.3 (-10.7) — all cooled out of/away from overbought, none broke below its 200-day.
2. XLU fell back into oversold, the sharpest single-name move on the board: RSI 48.2→32.6 (-15.6).
3. XLI dropped sharply: RSI 61.3→43.0 (-18.3), now the only sector reading "weak-down" alongside XLK.
4. FXI reversed its own prior-cycle breakdown: RSI 46.4→57.9 (+11.5), though it remains below its 200-day.
5. COPX and GLD both extended further into strength: COPX 57.9→69.9 (+12.0); GLD 63.3→71.2 (+7.9) — both now near or at overbought.
6. XLE and XLV both extended further, the board's clearest leadership: XLE 67.4→71.7; XLV 62.2→68.3.
7. VTV and QUAL both cooled out of overbought: VTV 72.6→62.0 (-10.6); QUAL 65.6→53.7 (-11.9).
8. The bond complex cooled further alongside equities, except TLT which ticked up slightly: HYG 62.4→50.7 (-11.7); TLT 40.3→43.0 (+2.7) — all five remain death-crossed and below their 200-day.
9. VIXY/VXX held essentially flat in collapse regime — no hedging bid despite the broad equity pullback.
10. SMH and MTUM both cooled sharply on the week but remain deeply above their 200-day (SMH +20%, MTUM +10.4%) — deep pullbacks, not breakdowns.

RSI < 25 = capitulation. RSI 25-40 = oversold (check trend/death-cross before treating as a buy signal). RSI 40-70 = neutral-to-healthy. RSI > 70 = overbought/extended. "vs SMA" = distance from the 20-day average (short-term positioning). "vs SMA200" and "1Y%" are the long-horizon check: a name with a red short-window trend flag but a positive 1Y change and price above its 200-day is a deep pullback in an intact trend, not a breakdown — the reverse (below the 200-day, flat-or-negative year) is real structural weakness regardless of how the current week looks.

Read: No death crosses in this group. All five sit within a few points of RSI 50-55 after this week's cooldown, and all five carry double-digit 1-year gains well above their 200-day — a uniform pullback, not divergence.

Read: XLE and XLV are the board's real leadership. XLU is the board's real casualty — the long-horizon check confirms structural weakness, not just a rough week. XLC carries the same below-200-day flag on a smaller scale. XLK and XLI both had rough weeks but pass the long-horizon check cleanly.

Read: EEM leads on every window; FXI is the one name where the long-horizon check confirms real damage, not just noise.

Read: All five names are death-crossed, below their 200-day, and negative on the year — the one group in this dashboard where the short and long reads fully agree on real weakness. HYG is the least damaged of the five.

Read: Gold, silver, oil, and copper all extended into strength this cycle while equities cooled. SLV's -2.8% distance from its own 200-day despite an +81% year is the complex's one long-horizon flag — a volatile metal, not a clean trend the 1-year number alone would suggest.

Read: Both products held essentially flat in collapse regime through the week's broad equity cooldown — no hedging bid showed up despite SPY/QQQ/IWM all losing 9-12 RSI points.

Read: MTUM and SMH both carry short-window "down" flags after rough weeks but pass the long-horizon check cleanly — both remain far above their 200-day with huge 1-year gains. XBI is the clean leader of this group on every window.

Read: Both housing names sit below their 200-day with negative 1-year changes — a genuinely weak group that tracks the bond complex's "higher for longer" headwind rather than the equity market's broader strength.

This cycle's dominant pattern is a broad, roughly-uniform RSI cooldown across equities — nearly every index, sector, and factor lost 8-15 RSI points on the week — set against a market where the long-horizon numbers still point up almost everywhere. All five broad benchmarks and eight of eleven sectors remain above their 200-day with double-digit 1-year gains; only Utilities and Communication Services carry real structural damage (both below their 200-day, both barely positive on the year, both badly negative on alpha). The bond complex is the one group where the short read and the long read fully agree: all five names are death-crossed, below their 200-day, and negative on the year — a genuine standing headwind, not a short-window blip, and it tracks straight through to housing (XHB, ITB), which shows the same below-200-day, negative-year pattern. Commodities moved the opposite direction from equities this cycle — gold, silver, oil, and copper all extended further into strength — and volatility stayed crushed through the whole equity pullback, with no hedging bid showing up in VIXY or VXX despite the broad ~10-point RSI cooldown. Read together, this looks like rotation and cooling-off inside intact secular uptrends rather than the start of a broad risk-off move — but the total absence of a vol bid during a real equity pullback is the one thing worth tracking if the cooldown deepens rather than stabilizes.

None on this board.

XLU (32.6), VIXY (32.4), VXX (33.7) — three names. XLU carries real structural damage (below its 200-day, weak year, worst sector alpha); VIXY/VXX being oversold reads as bullish for equities (crushed volatility), not a buy signal for the vol products themselves.

The remaining 36 names, led by XLE (71.7), GLD (71.2), COPX (69.9), XLV (68.3), and SLV (66.8).

• Whether XLU's collapse back into oversold (RSI 48.2→32.6) is a real breakdown given it's now the one sector where the long-horizon check confirms structural damage.
• Whether volatility staying crushed (VIXY/VXX both flat in collapse regime) through this week's broad ~10-point RSI cooldown is complacency that gets tested, or a genuine all-clear.
• Whether the bond complex's across-the-board weakness (all five death-crossed, below their 200-day, negative on the year) deepens further or finds a floor.
• Whether COPX and GLD's push toward overbought exhausts or extends into the next cycle.
• Whether FXI's bounce out of its own prior-cycle breakdown holds, or the chart remains structurally damaged below its 200-day.

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-08-21 close — market-pulse.
• Prior cycle for comparison: 2026-08-14-market-pulse.