Next Day Prep #307: Fever Breaking, Not Resolved: Why Cautious Held Through a Sentiment Flip – Friday 8/21/2026

Episode summary

Despite a dramatic bull-bear sentiment reversal and a near 1% Dow rally, breadth data kept the market regime at Cautious. The episode breaks down gold-driven strength in metals and mining, a parallel Bitcoin-fueled rally in HOOD and COIN, chip and utility weakness dragging the S&P, and sets up key trading levels ahead of Wednesday’s PCE print and NVDA earnings.