Market Outlook — Wednesday, August 12, 2026: Backwardation Holds, Breadth 100%, XLB New Sector Leader, QQQ Lags
SPY $770.56, QQQ $718.45, IWM $300.99. VIX 15.39 (term ratio 0.749, backwardated). Breadth 100% for 3rd session. XLB leads 5d (+2.38%); XLK worst 5d (-0.43%). July PPI in line: headline +2.2% YoY, core +2.4%.